Living Tanks sell tanks and fish and reptiles throughout Victoria. During March 2022, cash sales were $50481 and $41331 were on credit. Credit sales are collected on average 10% later in the month of the sale, 50% in the month after the sale and 40% two months after the sale. What is the total amount of cash collected in May 2022 based on this information? (Show amount to two decimal places and without, or $ signs) $ Answer:
Living Tanks sell tanks and fish and reptiles throughout Victoria. During March 2022, cash sales were $50481 and $41331 were on credit. Credit sales are collected on average 10% later in the month of the sale, 50% in the month after the sale and 40% two months after the sale. What is the total amount of cash collected in May 2022 based on this information? (Show amount to two decimal places and without, or $ signs) $ Answer:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Living Tanks sell tanks and fish and reptiles throughout Victoria. During March 2022, cash sales were $50481 and $41331 were on credit. Credit sales are collected on average 10% later in the month of the sale, 50% in the month after the sale and 40% two months after the sale. What is the total amount of cash collected in May 2022 based on this information? (Show amount to two decimal places and without, or $ signs) $ Answer:
Transcribed Image Text:Living Tanks sell tanks and fish and reptiles throughout Victoria. During March 2022, cash sales were $50481 and
$41331 were on credit. Credit sales are collected on average 10% later in the month of the sale, 50% in the month after
the sale and 40% two months after the sale.
What is the total amount of cash collected in May 2022 based on this information? (Show amount to two decimal places
and without, or $ signs) $
Answer:
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