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Question - Coronado Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are:
March
April
May
June
July
Budgeted sales
$300600
$289600
$319800
$280900
$209800
Budgeted purchases
$143100
$119000
$127300
$132200
$89600
Customer amounts on account are collected 80% in the month of sale and 20% in the following month.
Cost of goods sold is 65% of sales.
Coronado purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month:
Operating expenses are: Salaries, $51000; Depreciation, $11800; Rent, $14800; and Utilities, $13400.
Accounts payable is used only for inventory acquisitions.
Required - How much cash will Coronado receive during May from customers?
a. $312020
b. $313760
c. $255840
d. $295640
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