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Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, September sales are $152,000, and include a total column for the 3rd quarter total.

Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, September sales are $152,000, and include a total column for the 3rd quarter total.

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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3:46 1 Search Take Quiz Exit Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, September sales are $152,000, and include a total column for the 3rd quarter total.
Transcribed Image Text:3:46 1 Search Take Quiz Exit Cash Collections for Belcher Motors found that 35% of its sales were cash and the remaining 65% are credit sales. Of the credit sales, the company collected 55% in the month of sale, 40% collected the month after the sale, and 5% collected the second month after the sale. May Sales were $100 000, April Sales were $115,000, and June Sales were 136,000. How much will be collected in the 3rd quarter if July sales are $180,000, August sales are 167,000, September sales are $152,000, and include a total column for the 3rd quarter total.
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