Use the following information for the next 2 questions.
Bynsel, Inc., a retailer, projects the following purchases and sales of its product for the next 4 months: Each unit costs $100, and all purchases are on account. Two-thirds of purchases are paid in the month of the purchase and one-third are paid in the month following the purchase. Bynsel gets a 3% discount whenever it pays in the month of the purchase. The selling price per unit is $200. Sales are 60% cash and 40% on customer credit cards. The bank charges Bynsel a 5% fee for each credit card transaction and transfers the funds to Bynsel's checking account on the same day as the credit card sale.
-What are cash receipts for the third month?
A) $78,400
B) $58,800
C) $124,000
D) $76,000

Question

Use the following information for the next 2 questions.
Bynsel, Inc., a retailer, projects the following purchases and sales of its product for the next 4 months:  Each unit costs $100, and all purchases are on account. Two-thirds of purchases are paid in the month of the purchase and one-third are paid in the month following the purchase. Bynsel gets a 3% discount whenever it pays in the month of the purchase. The selling price per unit is $200. Sales are 60% cash and 40% on customer credit cards. The bank charges Bynsel a 5% fee for each credit card transaction and transfers the funds to Bynsel's checking account on the same day as the credit card sale.
-What are cash receipts for the third month?
A) $78,400 
B) $58,800 
C) $124,000 
D) $76,000

Quizplus · Accepted Answer

The cash receipts for the third month are $78,400. This is based on the assumption that the correct calculation or data provided leads to this figure.

Use the Following Information for the Next 2 Questions