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January February March Cash Sales Credit Sales $50,000 $150,000 $55,000 $170,000 $43,000 $130,000 The company is in the process of preparing the expected cash collections by month. This collection pattern is assumed: Collections on sales: 50% in the month of sale 40% in the month following the sale 10% in the second month following the sale The Accounts Receivable balance on January 1 of the current year was $65,000, of which $42,000 represents uncollected December sales and $23 represents uncollected November sales. The total cash collected during January would be: Multiple Choice О $261,000 О $229,000 Prev 10 of 24 Next

January February March Cash Sales Credit Sales $50,000 $150,000 $55,000 $170,000 $43,000 $130,000 The company is in the process of preparing the expected cash collections by month. This collection pattern is assumed: Collections on sales: 50% in the month of sale 40% in the month following the sale 10% in the second month following the sale The Accounts Receivable balance on January 1 of the current year was $65,000, of which $42,000 represents uncollected December sales and $23 represents uncollected November sales. The total cash collected during January would be: Multiple Choice О $261,000 О $229,000 Prev 10 of 24 Next

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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January February March Cash Sales Credit Sales $50,000 $150,000 $55,000 $170,000 $43,000 $130,000 The company is in the process of preparing the expected cash collections by month. This collection pattern is assumed: Collections on sales: 50% in the month of sale 40% in the month following the sale 10% in the second month following the sale The Accounts Receivable balance on January 1 of the current year was $65,000, of which $42,000 represents uncollected December sales and $23 represents uncollected November sales. The total cash collected during January would be: Multiple Choice О $261,000 О $229,000 Prev 10 of 24 Next
Transcribed Image Text:January February March Cash Sales Credit Sales $50,000 $150,000 $55,000 $170,000 $43,000 $130,000 The company is in the process of preparing the expected cash collections by month. This collection pattern is assumed: Collections on sales: 50% in the month of sale 40% in the month following the sale 10% in the second month following the sale The Accounts Receivable balance on January 1 of the current year was $65,000, of which $42,000 represents uncollected December sales and $23 represents uncollected November sales. The total cash collected during January would be: Multiple Choice О $261,000 О $229,000 Prev 10 of 24 Next
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