Question
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
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The Politics Of Internal Auditing
Authors: Dr. Larry Rittenberg, Patty Miller
1st Edition
0894139053, 978-0894139055
