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$111,000, respectively. The March expected cash receipts from all current and prior credit sales is:

$111,000, respectively. The March expected cash receipts from all current and prior credit sales is:

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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A company's history indicates that 25% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 40% in the next month, and 25% the following month. Projected sales for January, February, and March are $76,000, $101,000 and $111,000, respectively. The March expected cash receipts from all current and prior credit sales is:
Transcribed Image Text:A company's history indicates that 25% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 40% in the next month, and 25% the following month. Projected sales for January, February, and March are $76,000, $101,000 and $111,000, respectively. The March expected cash receipts from all current and prior credit sales is:
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