Sales are made 30% for cash and the remainder on credit. Collections for credit sales are...

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Sales are made 30% for cash and the remainder on credit. Collections for credit sales are made 40% during the month of sale, 35% the next month and 25% two months following the sale. Total sales from August through December are as follows: August sales = $400,000 September sales = $500,000. October sales = $580,000. November sales = $650,000. December sales = $800,000. Calculate cash collections for October. Calculate cash collections for November. Calculate cash collections for December. Determine Accounts Receivable at 10/31. Determine Accounts Receivable at 11/30. Determine Accounts Receivable at 12/31. Sales are made 30% for cash and the remainder on credit. Collections for credit sales are made 40% during the month of sale, 35% the next month and 25% two months following the sale. Total sales from August through December are as follows: August sales = $400,000 September sales = $500,000. October sales = $580,000. November sales = $650,000. December sales = $800,000. Calculate cash collections for October. Calculate cash collections for November. Calculate cash collections for December. Determine Accounts Receivable at 10/31. Determine Accounts Receivable at 11/30. Determine Accounts Receivable at 12/31.

Answer rating: 100% (QA)

To calculate the cash collections and accounts receivable we first need to find out the credit sales ... View the full answer