d. Both b and c answers are correct e. None of the above answers is correct. Gar

Question

d. Both b and c answers are correct e. None of the above answers is correct. Gary Enterprises has budgeted sales for the months of September and October as $300,000 and $280,000 respectively. Monthly Sales are 80% credit and 20% cash. Of the Credit Sales, 50% are collected in the month of sale and 50% are collected in the following month. What are the October Cash Collections? 4. a. $290, 000 b. $232,000 c. $168,000 d. $288,000 e. $340,000 5. A business secures a loan of $8,000 from Citibank, NA for 60 days at 3%. How much interest will the business pay the bank at the end of 60 days? a. $240 b. $350 c. $40 d. $85 e. $130. ood luck nn this Take-Hame Final Exam. It has been a great pleasure to

Explanation / Answer

5. The Question states that business secures loan for 60 days at 3%.

Hence , interest would be 8000 x 3% = $240

Please Note - The question 60 days at 3% and not 60 days at 3% per annum

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