Question
The Rand Company, like most companies, makes a majority of its sales on accounts and collects the cash after the fact. Sales for Rand are
The Rand Company, like most companies, makes a majority of its sales on accounts and collects the cash after the fact. Sales for Rand are typically 10% cash on delivery, 30% on account and collected in the month they are made, 40% on account and collected in the month after the sale, 15% on account and collected 2 months after the sale, with the remaining 5% of sales being ultimately bad debt.
Forth quarter sales data for the Rand Company is as follows.
October | November | December |
$226010 | $221975 | $350813 |
Based on the Company Data, how much cash does Rand expect to collect in December? Round your answer to the nearest whole dollar.
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