Correy Inc.reported the following information for 2022: $\begin{array}{lll}
&\text { October } & \text { November } & \text { December } \
\text { Budgeted sales }&\$ 460,000 & \$ 440,000 & \$ 540,000 \
\text { Budgeted purchases }&\$ 240,000 & \$ 256,000 & \$ 288,000
\end{array}$ All sales are on credit.
• Customer amounts on account are collected 50% in the month of sale and 50% in the following month.
• Cost of goods sold is 35% of sales.
• Correy 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 Correy receive during November?

Question

Correy Inc.reported the following information for 2022: $\begin{array}{lll}
&\text { October } & \text { November } & \text { December } \
\text { Budgeted sales }&\$ 460,000 & \$ 440,000 & \$ 540,000 \
\text { Budgeted purchases }&\$ 240,000 & \$ 256,000 & \$ 288,000
\end{array}$ All sales are on credit. 
•	Customer amounts on account are collected 50% in the month of sale and 50% in the following month. 
•	Cost of goods sold is 35% of sales. 
•	Correy 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 Correy receive during November?

Quizplus · Accepted Answer

The Answer of Correy Inc.reported the following information for 2022: $\begin{array}{lll}
&\text { October } & \text { November } & \text { December } \
\text { Budgeted sales }&\$ 460,000 & \$ 440,000 & \$ 540,000 \
\text { Budgeted purchases }&\$ 240,000 & \$ 256,000 & \$ 288,000
\end{array}$ All sales are on credit. 
•	Customer amounts on account are collected 50% in the month of sale and 50% in the following month. 
•	Cost of goods sold is 35% of sales. 
•	Correy 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 Correy receive during November?

Correy Inc All Sales Are on Credit