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As of January 1, of the current year the Smith Company has accounts receivables of $ 50,000. The sales for January, February, and March were
As of January 1, of the current year the Smith Company has accounts receivables of $ 50,000. The sales for January, February, and March were as follows: $150,000, 180,000, 200,000, respectively. Of each months sales 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What are the total cash collections from sales for the month of January, february and march?
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