Company Big Shoes sells oversized adult shoes. 52.50% of its sales are collected in cash, with 2.75% discount; 18.50% of its sales are 30-day credit sales and cash will be collected one month later; the rest of sales are 60-day credit sales and cash will be collected two months later. Big Shoes' current month sales is $600.00 million dollars, last month's sales was $510.00 million and sales from two months ago was $500.00 million. How much cash will the company collect in total this month? Note: your answer should be in millions of dollars.
Company Big Shoes sells oversized adult shoes. 52.50% of its sales are collected in cash, with 2.75% discount; 18.50% of its sales are 30-day credit sales and cash will be collected one month later; the rest of sales are 60-day credit sales and cash will be collected two months later. Big Shoes' current month sales is $600.00 million dollars, last month's sales was $510.00 million and sales from two months ago was $500.00 million. How much cash will the company collect in total this month? Note: your answer should be in millions of dollars.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Company Big Shoes sells oversized adult shoes. 52.50% of its sales are collected in cash, with 2.75% discount; 18.50% of its sales are 30-day credit sales and cash will be collected one month later; the rest of sales are 60-day credit sales and cash will be collected two months later.
Big Shoes' current month sales is $600.00 million dollars, last month's sales was $510.00 million and sales from two months ago was $500.00 million.
How much cash will the company collect in total this month?
Note: your answer should be in millions of dollars.
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