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Woodpecker Co. has $305,000 in accounts receivable on January 1. Budgeted sales for January are $899,000....

Woodpecker Co. has $305,000 in accounts receivable on January 1. Budgeted sales for January are $899,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are

a.$614,520

b.$1,329,200

c.$1,024,200

d.$819,360

business   accounting   
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Answer #1

January cash collection = 305000 + 899000*0.20 + 899000*0.80*0.75

= $1024200

Option cash is correct answer.

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