Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $27,000 $35,000 $18,000 $26,000 Jan. Feb. Cash collected $4

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the
sale, and 10% was collected the second month after the sale.
Given the following sales, how much cash will be collected in January and February?
Nov.
Dec.
Jan.
Feb.
$27,000
$35,000
$18,000
$26,000
Jan.
Feb.
Cash collected
2$
$
Transcribed Image Text:Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $27,000 $35,000 $18,000 $26,000 Jan. Feb. Cash collected 2$ $
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