Answer the following questions using the information below:
Monetary Company has the following sales budget for the last six months of 2011:
Historically, the cash collection of sales has been as follows:

-Cash collections for October are:
A)$117,000
B)$184,800
C)$199,000
D)$176,400

Question

Answer the following questions using the information below:
Monetary Company has the following sales budget for the last six months of 2011:
  Historically, the cash collection of sales has been as follows:
 
-Cash collections for October are:
A)$117,000 
B)$184,800 
C)$199,000 
D)$176,400

Quizplus · Accepted Answer

To find the cash collections for October, we need to multiply the sales for October by the percentage of cash collections for the month of October, which is 60%. 
60% of $308,000 (sales for October) = $184,800 
Therefore, the best choice is (B) $184,800.

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