Kam Department Store reported the following information for 2013: $\begin{array}{llll}&\text { October }&\text {November }&\text {December }\
\text { Budgeted sales } & \$ 1,240,000 & \$1,160,000 & \$ 1,440,000 \
\end{array}$ All sales are on credit.
-Customer amounts on account are collected 50% in the month of sale and 50% in the following month.
How much cash will Kam receive in November?
A)$580,000
B)$1,300,000
C)$1,200,000
D)$1,160,000

Question

Kam Department Store reported the following information for 2013: $\begin{array}{llll}&\text { October }&\text {November }&\text {December }\
\text { Budgeted sales } & \$ 1,240,000 & \$1,160,000 & \$ 1,440,000 \
\end{array}$ All sales are on credit. 
-Customer amounts on account are collected 50% in the month of sale and 50% in the following month.
How much cash will Kam receive in November?
A)$580,000
B)$1,300,000
C)$1,200,000
D)$1,160,000

Quizplus · Accepted Answer

The Answer of Kam Department Store reported the following information for 2013: $\begin{array}{llll}&\text { October }&\text {November }&\text {December }\
\text { Budgeted sales } & \$ 1,240,000 & \$1,160,000 & \$ 1,440,000 \
\end{array}$ All sales are on credit. 
-Customer amounts on account are collected 50% in the month of sale and 50% in the following month.
How much cash will Kam receive in November?
A)$580,000
B)$1,300,000
C)$1,200,000
D)$1,160,000

Kam Department Store Reported the Following Information for 2013 All Sales Are on Credit