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April 23, 2014

Homework Help: Accounting

Posted by Anonymous on Sunday, July 14, 2013 at 8:00pm.

As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each month’s sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of February?
Answer

$129,600

$62,400

$133,600

$91,200

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