Barchi and Holloway Merchandising Co. sells Rutgers gear branded as the Scarlet Knights, The following budgeted...
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Barchi and Holloway Merchandising Co. sells Rutgers gear branded as the Scarlet Knights, The following budgeted data relate to their store selling Rutgers gear: • Sales are budgeted at $280,000 for November, $240,000 for December, and $190,000 for January. • Collections are expected to be 52% in the month of sale, 45% in the month following the sale, and 3% uncollectible. • The cost of goods sold is 75% of sales. • Payment for merchandise is made in the month following the purchase. • Ending Merchandise Inventory should equal 12% of the following month's cost of goods sold. • Other monthly expenses to be paid in cash are $23,400. • Monthly depreciation is $19.000 related to office equipment. • Ignore taxes. Expected cash collections in December are: O $230.500 $250,800 $243,600 O $210,300 Barchi and Holloway Merchandising Co. sells Rutgers gear branded as the Scarlet Knights, The following budgeted data relate to their store selling Rutgers gear: • Sales are budgeted at $280,000 for November, $240,000 for December, and $190,000 for January. • Collections are expected to be 52% in the month of sale, 45% in the month following the sale, and 3% uncollectible. • The cost of goods sold is 75% of sales. • Payment for merchandise is made in the month following the purchase. • Ending Merchandise Inventory should equal 12% of the following month's cost of goods sold. • Other monthly expenses to be paid in cash are $23,400. • Monthly depreciation is $19.000 related to office equipment. • Ignore taxes. Expected cash collections in December are: O $230.500 $250,800 $243,600 O $210,300
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