Jemima's Outfits has a store in Dixie Outlet Mall. Jemima's Outfits specializes in high-class ladies...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Jemima's Outfits has a store in Dixie Outlet Mall. Jemima's Outfits specializes in high-class ladies fashions and sells complete outfits for a uniform price of \( \$ 75 \) each. The sales budget for 2021 was to sell 6,000 outfits. Assume that \( 50 \% \) of the sales were made for cash, and \( 50 \% \) were made on credit terms. Of the credit customers, \( 70 \% \) pay by the end of the month following the sale, \( 28 \% \) pay by the end of the next month following, and \( 2 \% \) turn into bad debts. Sales for 2021 were as follows: January, 300 outfits; February, 300 outfits; March, 400 outfits; April, 500 outfits; May, 500 outfits. The cash collected in the month of April 2021 would be none of those provided \( \$ 32,400 \) \( \$ 37,500 \) \( \$ 30,000 \) \( \$ 25,975 \)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
