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As of January 1 of the current year, the Joyner Company had accounts receivables of...

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Accounting

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As of January 1 of the current year, the Joyner Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of February? 1) $91,200 2) $129,600 3) $133,600 4) $62,400

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