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Myers and Associates, a famous law office in California, bills its clients on the first of each month. Clients pay in the following way: 40%
Myers and Associates, a famous law office in California, bills its clients on the first of each month. Clients pay in the following way:
- 40% pay at the end of the first month
- 30% pay at the end of the second month
- 20% pay at the end of the third month
- 5% pay at the end of the fourth month
- 5% default on their bills
The actual and anticipated billings are as follows:
Give the anticipated cash flow for the first quarter of 2018 if the past billings and anticipated billings follow this same pattern. Show your work.
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