The sales for October, November, and December are $2,000, $6,000 and $10,000, respectively. For any particular month of sales, the following percentages are received over time in cash for any given month:
20% in cash from that same month of sales; 50% in cash from the previous month's sales; and 30% in cash from the sales from two months ago. What percentage of cash will be received during December compared to the sales for December?
What will be an ideal response?
Answer: Cash received during or by the end of December is: 0.2 × December Sales + 0.5 × November Sales + 0.3 × October Sales = 0.3 × $2,000 + 0.5 × $6,000 + 0.2 × $10,000 = $600 + $3,000 + $2,000 = $5,600. The percentage of cash received during December is $5,600 / $10,000 = 0.5600 or 56.00%.
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At the federal level, a[n] _______ functions within an established cabinet department.
a. Independent agency. b. State agency. c. Executive agency. d. Legislative agency.
A broker has an exclusive-right-to-sell listing on a building. The owner is out of town when the broker gets an offer from a buyer to purchase the building providing the seller agrees to take a purchase money mortgage. The buyer must have a commitment from the seller before the seller is scheduled to return to the city. Under these circumstances the
A) broker may enter into a binding agreement on behalf of the seller. B) broker may collect a commission even if the transaction falls through because of the seller's absence from the city. C) the buyer is obligated to keep the offer open until the seller returns. D) the broker must obtain the signature of the seller to effect a contract.