Question: Determined Corporation has P299,000 in accounts receivable on January 01,2016. Budgeted sales for January are P860,000. It expects to sell 20% of its merchandise for

Determined Corporation has P299,000 in accounts receivable on January 01,2016. Budgeted sales for January are P860,000. It expects to sell 20% of its merchandise for cash. Of the remaining sales, 75% are expected to be collected in the month of sales and the remainder the following month. The January cash collections from sales are: a. 815,000 b. 691,000 c. 471,000 d. 987,000

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