A company's history indicates that 30% of its sales are for cash and the rest...
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Accounting
A company's history indicates that 30% of its sales are for cash and the rest are on credit. Collections on credit sales are 25% in the month of the sale, 50% in the month after the sale, 15% in the second month after the sale and 10% is uncollectible. Projected sales for December, January, and February are $80,000, $105,000 and $115,000, respectively. The February expected cash receipts from current and prior credit sales is:
Multiple Choice
$53,775
$65,275
$76,775
$28,438
$110,000
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