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ClassQuestI Corporation, a company located in Tacoma, WA, had the following sales. SEP OCT NOV DEC JAN FEB Total Sales $120,000 $100,000 $90,000 $150,000 $120,000

ClassQuestI Corporation, a company located in Tacoma, WA, had the following sales.

SEP

OCT

NOV

DEC

JAN

FEB

Total Sales

$120,000

$100,000

$90,000

$150,000

$120,000

$80,000

10% of all sales are cash sales. The rest are credit sales. Credit sales are collected as follows: 20% in the month of sale, 70% in the month following sale, and 10% in the second month following sale.

Required: Calculate the Accounts Receivable balance as at December 31st

Multiple Choice

  • $116,100

  • $135,000

  • $83,000

  • $129,000

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