Question
The company makes all sales on account and the collections pattern is as follows: 25% in the month of sale, 60% in month following sale,
The company makes all sales on account and the collections pattern is as follows:
25% in the month of sale, 60% in month following sale, 15% in the second month after the sale.
If sales for October are $300,000, sales for November are $250,000, and sales for December are $400,000, what is the cash collected on December 31?
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
