Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the company makes all sales on account and the col

The company makes all sales on account and the collections pattern is as follows: 25%...

90.2K

Verified Solution

Question

Accounting

The company makes all sales on account and the collections pattern is as follows:

25% in the month of sale, 60% in month following sale, 15% in the second month after the sale.

If sales for October are $300,000, sales for November are $250,000, and sales for December are $400,000, what is the cash collected on December 31?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

To prepare a solution of NaCl, you weight out 2.634 (±0.002) g and dissolve it in...

Chemistry
Q

What are the similarities and differences between genomics, transcriptomics and metabolomics?

Biology
Q

In a series LCR circuit the voltage across R is 100 V and R 1...

Physics
Q

Expand the logarithm as much as possible by rewriting it as a sum, difference, or...

Basic Math
Q

3 Write the equation of a vertical line passing through 8 5

Calculus
Q

c 4 509 793 511 est proche de d 7 108 991 868 est proche...

Calculus
Q

state all the steps for a payroll investigation methodology related to workers welfare in an...

Accounting
Q

Brief 11- On...

Accounting
Q

How do I get this answer [The following information applies to the questions displayed...

Accounting
Q

The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015: ...

Accounting
Q

MC Qu. 39 LO 15-04 On January 1, 2016, Gibson Corporation entered into a four-year......

Accounting
Q

QUESTION 3 4.55 p Bavarian Brewhouse is an unlevered firm with a current cost of...

Finance