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Given the following information for Nugget Corporation, answer the questions below. November December January February March Sales...

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Accounting

Given the following information for Nugget Corporation, answerthe questions below.

November December January February March Sales $300,000 $250,000$275,000 $325,000 $350,000

Cash collected in month of sale 10% Credit collections:Collected in month of sale 10% Collected in month following thesale 75% Collected in second month following the sale 15%

Each question should have one amount in the answer field.

You must format your answers as follows: $x,xxx

1 Total collections from cash sales for the quarter ending March31, 2018.

2 Total collections from credit sales for the quarter endingMarch 31, 2018.

Answer & Explanation Solved by verified expert
3.8 Ratings (707 Votes)

January

Febuary

March

Total

Total collections from cash sales

$               27,500.00

$              32,500.00

$                3,500.00

$      63,500.00

Total collections from credit sales

$           2,34,000.00

$          2,48,625.00

$          2,88,000.00

$ 7,70,625.00

Working:

January

Febuary

March

Total

Cash Sale

$               27,500.00

$              32,500.00

$                3,500.00

$      63,500.00

Credit Sale

$                     -  

Collection of November Credit Sale

$               40,500.00

$      40,500.00

Collection of December credit sale

$           1,68,750.00

$              33,750.00

$ 2,02,500.00

Collection of January credit sale

$               24,750.00

$          1,85,625.00

$             37,125.00

$ 2,47,500.00

Collection of febuary crdit sale

$              29,250.00

$          2,19,375.00

$ 2,48,625.00

Collection of March credit sale

$             31,500.00

$      31,500.00

$           2,61,500.00

$          2,81,125.00

$          2,91,500.00

$ 8,34,125.00

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