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, 20% in the month following sale, and 17% in the second month following sale. The remainder is uncollectible. The following information has been gathered for the current year:
| Month | 1 | 2 | 3 | 4 |
| Total sales | $70,000 | $90,000 | $60,000 | $40,000 |
Total cash receipts in Month 4 will be:
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Auditing Today
Authors: Emile Woolf
3rd Edition
013052168X, 9780130521682
