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As of January 1 of the current year, Edwards Company had accounts receivable of $65,000. The sales for January, February, and March were $110,000, $160,000,
As of January 1 of the current year, Edwards Company had accounts receivable of $65,000. The sales for January, February, and March were $110,000, $160,000, and $190,000, respectively. 10% of each month's sales are for cash. Of the remaining 90% (the credit sales), 70% are collected in the month of sale, with the remaining 30% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of March?
a.$152,100
b.$140,100
c.$153,900
d.$181,900
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