HM Industries has a beginning receivables balance on January 1st of $484. Sales for January through...
HM Industries has a beginning receivables balance on January 1st of $484. Sales for January through April are $420, $364, $390, and $433, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of April? Assume a 360-day year.
Multiple Choice
-
$420
-
$364
-
$377
-
$390
-
$392
Homework Answers
Answer is $364
Accounts receivable period is 60 days, which means credit sales of each month will be received in 2 months later.
Collection in April = February sales
Collection in April = $364
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(1)
(2)
(3)
(4)
Month of
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Age of
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$
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