Question
Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale,
Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following information has been gathered for Page's first year of operations:
| Month | 1 | 2 | 3 | 4 |
| Total sales | $66,000 | $76,000 | $56,000 | $36,000 |
Total cash receipts in Month 3 will be:
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Principles Of Accounting
Authors: Steven M. Bragg
1st Edition
1642210773, 978-1642210774
