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Question: 131 Mercer, Inc. had the following sales for the past six months. Mercer collects its credit sales 30% in the month of sale, 60% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $ 40,000 $ 60,000 February $ 50,000 $ 90,000 March $ 35,000 $ 80,000 April $ 40,000 $ 1,00,000 May $ 60,000 $ 1,20,000 $ 70,000 $ 1,40,000 June What are Mercer's total cash receipts for the month of March? a. $119,000 b. $115,000 c. $141,000 d. $129,000

Question: 131 Mercer, Inc. had the following sales for the past six months. Mercer collects its credit sales 30% in the month of sale, 60% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $ 40,000 $ 60,000 February $ 50,000 $ 90,000 March $ 35,000 $ 80,000 April $ 40,000 $ 1,00,000 May $ 60,000 $ 1,20,000 $ 70,000 $ 1,40,000 June What are Mercer's total cash receipts for the month of March? a. $119,000 b. $115,000 c. $141,000 d. $129,000

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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Question: 131 Mercer, Inc. had the following sales for the past six months. Mercer collects its credit sales 30% in the month of sale, 60% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $ 40,000 $ 60,000 February $ 50,000 $ 90,000 March $ 35,000 $ 80,000 April $ 40,000 $ 1,00,000 May $ 60,000 $ 1,20,000 $ 70,000 $ 1,40,000 June What are Mercer's total cash receipts for the month of March? a. $119,000 b. $115,000 c. $141,000 d. $129,000
Transcribed Image Text:Question: 131 Mercer, Inc. had the following sales for the past six months. Mercer collects its credit sales 30% in the month of sale, 60% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $ 40,000 $ 60,000 February $ 50,000 $ 90,000 March $ 35,000 $ 80,000 April $ 40,000 $ 1,00,000 May $ 60,000 $ 1,20,000 $ 70,000 $ 1,40,000 June What are Mercer's total cash receipts for the month of March? a. $119,000 b. $115,000 c. $141,000 d. $129,000
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