Correy Inc. reported the following information for 2016:

October November December

Budgeted sales $460,000 $440,000 $540,000

Budgeted purchases $240,000 $256,000 $288,000

All sales are on credit.

50% of the amounts in the customers' accounts are collected in the month of sale and 50% in the following month.

Cost of goods sold accounts for 35% of sales.

Correy buys and pays 60% of the item in the month of purchase and 40% the following month.

Accounts payable are only used for inventory purchases.

How much cash will Correy receive during November?

Answer rating: 100% (QA)

To calculate the cash received during November we need to find out the cash collected from October s... View the full answer