As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and cash sales) in the month of March? a. $102,000 b. $116,800 c. $74,800 d. $146,800
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and cash sales) in the month of March? a. $102,000 b. $116,800 c. $74,800 d. $146,800
Chapter7: Budgeting
Section: Chapter Questions
Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...
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![As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000,
respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What
is the total cash collected (both from accounts receivable and cash sales) in the month of March?
a. $102,000 b. $116,800 c. $74,800 d. $146,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb1bbf58-5e94-444a-bc1b-96cb0d2eedb7%2F4c6c994c-cc1d-4460-8aa2-5d0a9ca248c4%2Fc2p4j2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000,
respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What
is the total cash collected (both from accounts receivable and cash sales) in the month of March?
a. $102,000 b. $116,800 c. $74,800 d. $146,800
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