1. Crazy Corp issues invoices yielding revenue of $130,000 in April, $145,000 in May, and $50,000 in June. Crazy Corp expects to collect 33% of each invoice in the current month and the balance the following month. What is the Balance Sheet entry for Receivables in May?
a. $130,000
b. $87,100
c. $145,000
d. $97,150
e. $33,500
2. You are selling a product for $5.00 per unit. The cost to produce each product is $l.50 including material and labor. The overhead cost for the facility is $5,000 per month. The number of units you need to sellto breakeven is closest to:
a. 1,000
b. r,200
c. 1,429
d. 1,975
e. 3,333