ABC Company expects the following sales and collection pattern for the last 4 months of the year. Month Cash Sales Credit Sales Total Sales September $25,000 $65,000 $90,000 October $28,000 $72,000 $100,000 November $26,000 $68,000 $94,000 December $30,000 $71,000 $101,000 • 5% of credit sales are collected in the same month. • 65% of sales are collected in the following month. • 25% of sales are collected in the second following month. What are the projected cash collections for the month of December?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “ABC Company expects the following sales and collection pattern for the last 4 months of the year. Month Cash Sales Credit Sales Total Sales ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Ltimate sportswear has $250,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. ultimate sportswear also has $650,000 of common stock outstanding. in the company's first year of operation, no dividends were paid.
Answers (1)
Roadside Markets has 6 percent coupon bonds outstanding that mature in 10 years. The bonds pay interest semiannually.
Answers (1)
Last year, which is used as the base year, a firm had cash of $52, accounts receivable of $223, inventory of $509, and net fixed assets of $1,107.
Answers (1)
In a process costing system, which of the following would be TRUE? a. There is no need to track materials to processes. b. There is no need to use time tickets to assign costs to processes. c.
Answers (1)
Overhead cost is not only a concern for a business but for an individual. What overhead cost would you have to take into consideration by owning a car?
Answers (1)
New Questions in Business
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)