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22) The following are the forecasted sales for a small firm: January $120,000 $250,000 $210,000 February March Cash collections are expected as follows: 20% are received in the month of sale,60% in the month following the sale and the balance in the next month. All sales are subject to 5% cash discount in the month of sale. What are the total expected cash collections for the month of March? a)$ 216,900 b) $200,000 c)$213,900 d) $116,000

22) The following are the forecasted sales for a small firm: January $120,000 $250,000 $210,000 February March Cash collections are expected as follows: 20% are received in the month of sale,60% in the month following the sale and the balance in the next month. All sales are subject to 5% cash discount in the month of sale. What are the total expected cash collections for the month of March? a)$ 216,900 b) $200,000 c)$213,900 d) $116,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Styles 3 4 22) The following are the forecasted sales for a small firm: $120,000 $250,000 January February March $210,000 Cash collections are expected as follows: 20% are received in the month of sale,60% in the month following the sale and the balance in the next month. All sales are subject to 5% cash discount in the month of sale. What are the total expected cash collections for the month of March? a)$ 216,900 b) $200,000 c)$213,900 d) $116,000
Transcribed Image Text:Styles 3 4 22) The following are the forecasted sales for a small firm: $120,000 $250,000 January February March $210,000 Cash collections are expected as follows: 20% are received in the month of sale,60% in the month following the sale and the balance in the next month. All sales are subject to 5% cash discount in the month of sale. What are the total expected cash collections for the month of March? a)$ 216,900 b) $200,000 c)$213,900 d) $116,000
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