The following information pertains to sales of XYZ Company Collections of sales are generally 20% in cash and 80% in credit. This means in the month of the sale 20% is paid in cash to XYZ and XYZ extends credit for the remaining 80% of the sales. The credits sales are collected as follows: 30% in the month of the sale, 60% in the month after the sale, 6% two months after the sale, 4% are never collected If the December sales are $10,500, what are the collections of credit sales in the month of January? OA $10,500 OB. $8,400 OC. $5,040 OD. $2,100 CI

The following information pertains to sales of XYZ Company Collections of sales are generally 20% in cash and 80% in credit. This means in the month of the sale 20% is paid in cash to XYZ and XYZ extends credit for the remaining 80% of the sales. The credits sales are collected as follows: 30% in the month of the sale, 60% in the month after the sale, 6% two months after the sale, 4% are never collected If the December sales are $10,500, what are the collections of credit sales in the month of January? OA $10,500 OB. $8,400 OC. $5,040 OD. $2,100 CI

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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