Miggy Co. projects the following monthly revenues for next year: 100,000 500,000 452,000 450,000 250,000 January February July August September 275,000 300,000 March April May October 350,000 400,000 557,000 300,000 November June December 525,000 Miggy's terms are net 30 days. The company typically receives payment on 80% of sales the month following the sale and 17% is collected two months after the sale. Approximately 3% of sales are deemed bad debt. What amount represents the expected cash collection in the second calendar quarter of next year? a. 1,405,54O b. 1,293,630 с. 1,320,540 d. 1,234,250

Miggy Co. projects the following monthly revenues for next year: 100,000 500,000 452,000 450,000 250,000 January February July August September 275,000 300,000 March April May October 350,000 400,000 557,000 300,000 November June December 525,000 Miggy's terms are net 30 days. The company typically receives payment on 80% of sales the month following the sale and 17% is collected two months after the sale. Approximately 3% of sales are deemed bad debt. What amount represents the expected cash collection in the second calendar quarter of next year? a. 1,405,54O b. 1,293,630 с. 1,320,540 d. 1,234,250

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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