Ingalls Mercantile Inc. sells bolts of fabric to retailers for $80 per bolt. The company’s accountant...
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Ingalls Mercantile Inc. sells bolts of fabric to retailers for $80 per bolt. The company’s accountant has prepared the following sales forecast (in bolts) for the first quarter of 2017:
January 700 bolts
February 1000 bolts
March 800 boltsHistorically, the cash collection of sales has been as follows: 60 per cent in the month of sale, 30 per cent in the month following sale, and 9 per cent in the second month following sale.
Cash receipts for March are expected to be:
$57 840
$61 920
$67 440
$33 600
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Ingalls Mercantile Inc. sells bolts of fabric to retailers for
$80 per bolt. The company’s accountant...
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