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M7 Inc budgeted sales are as follows March $175,000 April $200,000 May $275,000 M7 inc sales are 25% and 75% credit. It collects credit sales
M7 Inc budgeted sales are as follows
March $175,000
April $200,000
May $275,000
M7 inc sales are 25% and 75% credit. It collects credit sales 25% in the month of sale, 35% in the month of following sale and 35% in the second month following sale; 5% are uncollectible.
a) what were the cash sales in march?
b)what were the cash sales in April?
c)What were the cash sales in May?
d) In the month of May how much cash was collected from March sales?
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