Homework Answers
As 12% of the total sales is cash sales, the sales on account will be 88% of the total sales
| March | April | May | |
| Total sales | $370,000 | $470,000 | $610,000 |
| Sales on account [ 88% of total sales ] | $325,600 | $413,600 | $536,800 |
| Receipts from cash sales: | |||
| Cash sales [ 12% of total sales ] | $44,400 | $56,400 | $73,200 |
| March sales on account: | |||
| Collected in March (57%) | $185,592 | ||
| Collected in April (39%) | $126,984 | ||
| Collected in May (4%) | $13,024 | ||
| April sales on account: | |||
| Collected in April (57%) | $235,752 | ||
| Collected May (39%) | $161,304 | ||
| May sales on account: | |||
| Collected in May (57%) | $305,976 | ||
| Total cash collected | $229,992 | $419,136 | $553,504 |
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