A company has projected the following sales for the spring quarter of 2014: April $200,000 May $250,000

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A company has projected the following sales for the spring quarter of 2014:

April $200,000

May $250,000

June $275,000

65% of all sales are paid for with cash. The remainder is on credit.

The pattern for credit receivables collections are:

Month of Sale 60%

Month After Sale 30%

Second Month After Sale 10%

What are the credit sales for spring quarter?

Related Book For answer-question

Foundations of Finance The Logic and Practice of Financial Management

ISBN: 978-0132994873

8th edition

Authors: Arthur J. Keown, John D. Martin, J. William Petty

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Posted Date: Sep 22, 2023 06:45 AM

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A company has projected the following sales for the spring quarter of 2014: April $200,000 May $250,000

Question:

Expert Answer:

To calculate the credit sales for the spring quarter we need to determine the credit sales for each month April May and June and then sum them up Firs... View the full answer

Foundations of Finance The Logic and Practice of Financial Management

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