A business sells $ 60,000 and $ 80,000 worth of goods in January and February respectively. The controller indicates that 50% of the customers pay their bills on a cash basis, 40% in 30 days and 10% in 60 days. During the month of January and February, the company purchased 30,000 and $50,000 worth of goods from suppliers respectively. The company’s policy is to pay 50% on a cash basis and the other 50% during the following 30 days. The monthly administrative expenses are broken down as follows:

Salaries $ 12,000

Depreciation                                     2,000

Rent                                                   3,000

Office supplies                                     500

Communication services                     500

The company’s opening cash balance for the month of January is $ 1,000.

Monthly cash receipts from sales are as follows:

January            ________________________

February      ________________________

March            ________________________

Answer rating: 100% (QA)

List down all the monthly sales in the table below and do the data analysis in there Janu... View the full answer