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    rociorocio's Avatar
    rociorocio Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 24, 2009, 02:33 PM
    Cash receive
    Farley Company reported the following information for 2007:
    Budgeted Sales: September $ 240,000; October $310,000; November $290,000; December $360,000; and January $200,000.
    Budgeted Purchases: September $ 90,000; October $120,000; November $128,000; December $ 144,000; and January $ 88,000.
    -All sales are on credit.
    -Customer amounts on account are collected 50% in the month sale and 50% in the following month.
    -Cost of goods sold is 35% of sales.
    -Farley purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
    -Accounts payable is used only for inventory acquisitions.
    How much cash will Farley receive during November?

    :)
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Apr 24, 2009, 02:37 PM
    Thank you for taking the time to copy your homework to AMHD.
    Please refer to this announcement: Ask Me Help Desk - Announcements in Forum : Homework Help
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