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How much cash will marigold receive during may from customer

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Reference no: EM132797431

Marigold 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                $299500           $290000      $319700        $279100     $209800
Budgeted purchases          $143900          $119400        $128800        $131000        $90000

  1. Customer amounts on account are collected 65% in the month of sale and 35% in the following month.
  2. Cost of goods sold is 65% of sales
  3. Marigold purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month.
  4. Operating expenses are: Salaries, $49600; Depreciation, $11600; Rent, $14700; and Utilities, $14100.
  5. Accounts payable is used only for inventory acquisitions.

Problem 1: How much cash will Marigold receive during May from customers?

Option 1: $305490
Option 2: $309305
Option 3: $207805
Option 4: $300395

Reference no: EM132797431

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