Sheffield Corp. reported the following information for 2016: October November December Budgeted sales $1200000 $1120000 $1400000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. How much cash will Sheffield receive in November?

$1,160,000

Explanation:

The amount of cash that Sheffield will receive in November will be calculated as:

= (October budget sales × 50%) + (Novemeber budgeted sales × 50%)

= ($1200000 × 50%) + ($1120000 × 50%)

= $600,000 + $560,000

= $1,160,000

Sheffield will receive $1,160,000 in November.

whats the

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.