Question
A firm has $50 million and $60 million credit sales during the first two quarters of the year. Eighty percent of the receivables are collected
A firm has $50 million and $60 million credit sales during the first two quarters of the year. Eighty percent of the receivables are collected in the same quarter and the balance in the next quarter. What will be the total collection for the firm in the second quarter?
Multiple Choice
$55 million
$58 million
$88 million
$98 million
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Financial Management And Policy
Authors: James C. Van Horne
12th Edition
0130326577, 9780130326577
