Oakton Furniture provided the following information relevant to its sales for December Year 1 and...
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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: Dec. Year Jan. Year 2 Feb. Year 2 Mar. Year 2 1 (Actual) (Budgeted) (Budgeted) (Budgeted) $68,000 $148,000 $ 163,000 $118,000 $18,000 $ 33,000 $ 38,000 $ 20,000 Credit sales Cash sales 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 $42,840 $58,000 $192,300 $53.700
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