Question
Freightcan Holders has provided the following extracts from their budget for the first quarter of the forthcoming year: Jan Feb March Sales (30% cash) $500,000
Freightcan Holders has provided the following extracts from their budget for the first quarter of the forthcoming year:
|
| Jan | Feb | March |
| Sales (30% cash) | $500,000 | $750,000 | $1,000,000 |
The company collects 60% of credit sales in the same month and the balance in the next month. Calculate the collections from the customers for the month of February.
| a | $ 580,000 | |
| b | $720,000 | |
| c | $680,000 | |
| d | $490,000 |
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
4th Edition
0730382648, 978-0730382645
