Question
All of Gaylord Corporation's sales are on account. Thirty-five percent of the sales on account are collected in the month of sale, 45% in the
All of Gaylord Corporation's sales are on account. Thirty-five percent of the sales on account are collected in the month of sale, 45% in the month following sale, and the remainder are collected in the second month following sale. The following are budgeted sales data for the company:
| January | February | March | April |
Total sales | $50,000 | $60,000 | $40,000 | $30,000 |
What is the amount of cash that should be collected in March?
A) $24,000
B) $37,000
C) $41,000
D) $51,000
Answer = $51,000
4) Using the data from the problem above: What are the amounts of cash that should be collected
for January February March April
Need #4
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