Homework Answers
| Statement showing cash collections in the month of January | |||
| Credit sales for Nov(Note) | $17,000 | ||
| Credit sales for Dec(Note) | $35,000 | ||
| Cash sales for Jan | $40,000 | ||
| Credit sales for Jan($140,000*30%) | $42,000 | ||
| Total Cash Collection | $1,34,000 | ||
| So Option D is answer | |||
| Note:The Accounts Receivable as on Jan 1 is inclusive of $17,000 for November | |||
| Note:The Accounts Receivable for December sales is $70,000, so it means that | |||
| Total credit sales for Decmber is:$70,000 / (35%+35%) =$100,000 of which | |||
| $35,000($100,000*35%) will be paid in Jan | |||
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