Question
A company has projected the following sales for February - July of 2014: February$250,000 March$270,000 April$240,000 May $220,000 June$230,000 July$260,000 45% of all sales are
A company has projected the following sales for February - July of 2014:
February$250,000
March$270,000
April$240,000
May $220,000
June$230,000
July$260,000
45% of all sales are paid for with cash.The remainder is on credit.
The pattern for credit receivables collections are:
Month of Sale30%
Month After Sale45%
Second Month After Sale25%
What are the forecasted cash collections for the month of May?
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
