All sales are on account. 35% of the sales are collected in the month of sale, 45% in the following month, the remainder in the second following month. Budgeted sales for Jan., Feb., Mar. are $50,000; $60,000; $40,000. How much cash is collected in March
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Question:
All sales are on account. 35% of the sales are collected in the month of sale, 45% in the following month, the remainder in the second following month. Budgeted sales for Jan., Feb., Mar. are $50,000; $60,000; $40,000. How much cash is collected in March
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Answer:Total cash collection March= $51,000Explanation:Giving the following information:All sales are on account. 35% of the sales are collected in the month of sale, 45% in the following month, the remainder in the second following month. Cash collection March:Sales on account from March= (40,000*0.35)= 14,000Sales on account from February= (60,000*0.45)= 27,000Sales on account from January= (50,000*0.2)= 10,000Total cash collection March= $51,000
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