ABC Company has the following projected sales: Month Sales Jan $3,000 Feb $12,000...
ABC Company has the following projected sales:
| Month | Sales |
| Jan | $3,000 |
| Feb | $12,000 |
| Mar | $25,000 |
| Apr | $57,000 |
15% of the sales are collected in the same month. 23% of the sales
are collected after one month, 41% of the sales are collected after
two months, and the remainder are collected after three month. What
is the amount of the April collections?
Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12,345.678 then enter as "12345.68" in the answer box.
Homework Answers
The correct answer is 19,850
Note:
| Jan | Feb | March | April | |
| Sales | 3,000.00 | 12,000.00 | 25,000.00 | 57,000.00 |
| Cash Collections : | ||||
| 15% in month of sale | 450.00 | 1,800.00 | 3,750.00 | 8,550.00 |
| 23% in first month after sale | - | 690.00 | 2,760.00 | 5,750.00 |
| 41% in second month after sale | - | - | 1,230.00 | 4,920.00 |
| 21% in third month after sale | - | - | - | 630.00 |
| Cash Collections | 450.00 | 2,490.00 | 7,740.00 | 19,850.00 |
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