Miller Metalworks had sales in November of $60,000, in December of $40,000, and in January of...
Miller Metalworks had sales in November of $60,000, in December of $40,000, and in January of $80,000. Miller collects 40% of sales in the month of the sale and 60% one month after the sale. Calculate Miller's cash receipts for January.
Homework Answers
Sales data for Nov, Dec and January are given. It is also said that, 40% of the sales is realized in the same month. Remaining 60% of the sales is collected in the next month.
Hence, cash receipts of the Miller in the month of January would be -
- 40% of the sales made in January, and
- 60% of the sales made in December
| Particulars | Amount (in $) |
| 40 % sales of January | 80,000 * 40% = 32,000 |
| 60 % sales of December | 40,000 * 60% = 24,000 |
| Total collections in January | 56,000 |
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