Question
A company is working on their budgets for the year 2021. The table below has a few of their expectations for 2021. Accounts Receivable
A company is working on their budgets for the year 2021. The table below has a few of their expectations for 2021. Accounts Receivable on January 1 $33,114 Sales in January $77,378 $59,739 $61,886 $79,666 Sales in February Sales in March Sales in April Historically, this company's collection pattern for sales has been 18% as cash sales and 82% on account. The sales on account get collected 55% one month following the sale and the remainder two months following the sale. The Accounts Receivable on January 1 is the result of credit sales in December 2020 and thus is expected to be collected according to the sales on account pattern (55%/45%). How much should this company expect in Cash Collections for the month of March? (round to the nearest whole dollar/input code O)
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