Sapphire Enterprises had the following sales for the past six months. Sapphire collects its credit sales 40% in the month of sale, 50% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $50,000 February $60,000 March $45,000 April $55,000 May $65,000 June $75,000 What are Sapphire's total cash receipts for the month of April? a. $129.000 b. $135,000 c. $140,000 d. $125,500
Sapphire Enterprises had the following sales for the past six months. Sapphire collects its credit sales 40% in the month of sale, 50% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $50,000 February $60,000 March $45,000 April $55,000 May $65,000 June $75,000 What are Sapphire's total cash receipts for the month of April? a. $129.000 b. $135,000 c. $140,000 d. $125,500
Chapter7: Budgeting
Section: Chapter Questions
Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...
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Please provide answer this financial accounting question

Transcribed Image Text:Sapphire Enterprises had the following sales for the past six months. Sapphire collects
its credit sales 40% in the month of sale, 50% one month after the sale, and 10% two
months after the sale.
Cash Sales Credit Sales
January
$50,000
February
$60,000
March
$45,000
April
$55,000
May
$65,000
June
$75,000
What are Sapphire's total cash receipts for the month of April?
a. $129.000
b. $135,000
c. $140,000
d. $125,500
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