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Cash collections for Wax On Candles found that 54% of sales were collected in the month of the sale, 32% was collected the month after the sale, and 4% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January? Round to the nearest penny, two decimal places. Month Sales November $28,531 Wax On Candles data December $22,749 January $25,418 February $26,328

Cash collections for Wax On Candles found that 54% of sales were collected in the month of the sale, 32% was collected the month after the sale, and 4% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January? Round to the nearest penny, two decimal places. Month Sales November $28,531 Wax On Candles data December $22,749 January $25,418 February $26,328

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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Cash collections for Wax On Candles found that 54% of sales were collected in the month of the sale, 32% was collected the month after the sale, and 4% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January? Round to the nearest penny, two decimal places. Month Sales Month Sales November $28,531 Month Purchases Nonna's Re-Appliance Store collects 59% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. December $27,821 December 2017 $39,476 Wax On Candles data December $22,749 Nonna's Re-Appliance Store data Dream Big Pillow Co. purchase data January 2018 $41,448 Calculate the payments made in February. Round to the nearest penny, two decimal places. January $25,418 January $53,943 Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: February $26,328 February 2018 $38,327 February $72,915 March 2018 $32,209
Transcribed Image Text:Cash collections for Wax On Candles found that 54% of sales were collected in the month of the sale, 32% was collected the month after the sale, and 4% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January? Round to the nearest penny, two decimal places. Month Sales Month Sales November $28,531 Month Purchases Nonna's Re-Appliance Store collects 59% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February? Round to the nearest penny, two decimal places. December $27,821 December 2017 $39,476 Wax On Candles data December $22,749 Nonna's Re-Appliance Store data Dream Big Pillow Co. purchase data January 2018 $41,448 Calculate the payments made in February. Round to the nearest penny, two decimal places. January $25,418 January $53,943 Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: February $26,328 February 2018 $38,327 February $72,915 March 2018 $32,209
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