ACC 112 at Penn Foster Porter corporate sales are on account 60%, credit sales 25%, and...
ACC 112 at Penn Foster
Porter corporate sales are on account 60%, credit sales 25%, and 10% in second month. What are cash receipts in april expected to be? Jan 400,000, feb 600,000, march 500000 april 700,000. find correct answer a. 605,000 b.420,000 c. 545,000 d. 185,000
Homework Answers
Answer is $605,000
Sales in February = $600,000
Sales in March = $500,000
Sales in April = $700,000
Collection in month of sale = 60%
Collection in 1 month after sale = 25%
Collection in 2 months after sale = 10%
Cash collection in April = 60% * $700,000 + 25% * $500,000 + 10%
* $600,000
Cash collection in April = $420,000 + $125,000 + $60,000
Cash collection in April = $605,000
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ACC 112 at Penn Foster
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