McDavid Company has completed its sales budget for the first quarter of next year. Projected credit...
McDavid Company has completed its sales budget for the first quarter of next year. Projected credit sales for the first four months of the next year are shown below:
January $30,000
February $36,000
March $45,000
April $48,000
The company's past records show collection of credit sales as follows: 30% in the month of sale and the balance in the following month. The total cash collection from receivables in February is expected to be
Homework Answers
Cash collection in February
| February | |
| January | 30000*70% = 21000 |
| February | 36000*30% = 10800 |
| Total cash collection in February | 31800 |
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