Cherokee Company had an accounts receivable balance of $16,000 on December 31, 2013. Projected sales for the
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Cherokee Company had an accounts receivable balance of $16,000 on December 31, 2013. Projected sales for the first three months of 2014 are:
January | $120,000 |
February | 130,000 |
March | 100,000 |
All sales are credit sales. Cherokee Company usually collects 40% of its sales during the month of sale, 50% in the month following the sale, and 10% in the second month following the sale.
Given the information above, cash collections during March should be?
Related Book For
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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