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TB MC Qu. 22-120 (Static) A company's history indicates that... A company's history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the month after the sale, 25% in the second month after the sale, and 5% is uncollectible. Projected sales for December January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from current and prior credit sales is Multiple Choice O O O O $57,000 161200 146,400 $80750 $90,250

TB MC Qu. 22-120 (Static) A company's history indicates that... A company's history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the month after the sale, 25% in the second month after the sale, and 5% is uncollectible. Projected sales for December January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from current and prior credit sales is Multiple Choice O O O O $57,000 161200 146,400 $80750 $90,250

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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TB MC Qu. 22-120 (Static) A company's history indicates that..... A company's history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the month after the sale, 25% in the second month after the sale, and 5% is uncollectible. Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from current and prior credit sales is Multiple Choice O O O O $57,000 161200 166.400 $80750 $90,250
Transcribed Image Text:TB MC Qu. 22-120 (Static) A company's history indicates that..... A company's history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the month after the sale, 25% in the second month after the sale, and 5% is uncollectible. Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from current and prior credit sales is Multiple Choice O O O O $57,000 161200 166.400 $80750 $90,250
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