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Help solve: 1. 2. Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was
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Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $24,000 $37,000 $21,000 $26,000 Jan. Feb. Cash collected $ Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $60,000 $50,000 $35,000 $42,000 $43,000 Given the above purchases, how much cash will be paid in quarter 2018? Cash paidStep by Step Solution
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