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Oakton Furniture provided the following information relevant to its sales for December Year...

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Accounting

Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2:

December Year 1 (Actual) January Year 2 (Budgeted) February Year 2 (Budgeted) March Year 2 (Budgeted)
Credit sales $ 63,000 $ 143,000 $ 158,000 $ 113,000
Cash sales $ 13,000 $ 28,000 $ 33,000 $ 15,000

Based on the company's collection history, 42% of credit sales are collected in month of sale and the remainder is collected in the following month. Total budgeted cash receipts in February are expected to be:

Multiple Choice

$35,910.

$44,200.

$48,000.

$182,300.

Answer & Explanation Solved by verified expert
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