Question
Mambo Inc. has credit sales of $140,000 in May, $170,000 in June, and $190,000 in July. Mambo collects cash on account 70% in the month
| Mambo Inc. has credit sales of $140,000 in May, $170,000 in June, and $190,000 in July. Mambo collects cash on account 70% in the month of sale and 30% in the month following the sale. What would the cash collections be for June? |
a. $119,000
b. $161,000
c. $140,000
d. $170,000
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Financial Accounting And Reporting QandA 2020
Authors: ACA Simplified
1st Edition
1661682820, 978-1661682828
