Rooney Ltd has recorded the following sales for the first three months of 2011: January £30,000 February £35,000 March £42, 000 70% of sales are paid for immediately in cash. Of the remaining 30% of sales, 60% are paid for 1 month later, 30% are paid for 2 months later, and 10% become bad debts. How much cash is expected to be received in March? £35, 700 £29, 400 £38, 400 £57,900

Rooney Ltd has recorded the following sales for the first three months of 2011: January £30,000 February £35,000 March £42, 000 70% of sales are paid for immediately in cash. Of the remaining 30% of sales, 60% are paid for 1 month later, 30% are paid for 2 months later, and 10% become bad debts. How much cash is expected to be received in March? £35, 700 £29, 400 £38, 400 £57,900

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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