Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 0/3 pts A company is working on their budgets for the year 2021. The table below has a few of their expectations for

image text in transcribed

Question 3 0/3 pts A company is working on their budgets for the year 2021. The table below has a few of their expectations for 2021. Accounts Receivable on January 1 $38,913 Sales in January $66,823 Sales in February $56,800 Sales in March $75,586 Sales in April $71,949 Historically, this company's collection pattern for sales has been 18% as cash sales and 82% on account. The sales on account get collected 52% one month following the sale and the remainder two months following the sale. The Accounts Receivable on January 1 is the result of credit sales in December 2020 and thus is expected to be collected according to the sales on account pattern (52%/48%). How much should this company expect in Cash Collections for the month of March? (round to the nearest whole dollar/input code 0) 68,072 rs 64,126.53 (with margin: 1)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: John Hoggett, Lew Edwards, Evelyn Hogg, John Medlin, Matthew Tilling

8th Edition

ISBN: 1742466362, 978-1742466361

More Books

Students also viewed these Accounting questions