jake

Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $400,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,250,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.

What are Ross's budgeted collections for July?

a) $800,000

b) $939,000

c) $1,083,000

d) $915,000

Also, please explain how you got that answer.

Just about anyone who watches the Olympics can see American athletes draping the US flag over themselves like a blanket. I saw Kerry Walsh-Jennings wearing the flag like a scarf after she and Misty won gold. I even saw 1 athlete autograph a fan's flag! All of these actions are disrespectful; the symbol of our nation is not a blanket, or a cape, or a fashion accessory, or a piece of paper to sign. The US flag code specifically states that all of these things are disrespectful. Yet the Olympians continue to desecrate our country's symbol.

They must be very short-sighted to see that they are giving Chik-Fil-A a lot of free advertising and publicity. This sort of controversy is great for business.

I cant figure out what the return on average assets is. I tried multiple answers but the program says they are all wrong. Here is all the information I have:

Sales (all on credit) $ 2,750,000

Cost of goods sold 1,755,000

Average inventory 375,000

Average accounts receivable 290,000

Interest expense 45,000

Income tax expenses 84,000

Net income 159,000

Average investment in assets 1,800,000

Average stockholders' equity 895,000

What is the return on average assets?