Question

funcycle manufacturing's budget includes the following credit sales for the current year: september, $146,000; october, $137,000; november, $121,000; december, $158,000. experience has shown that payment for the credit sales is received as follows: 10% in the month of sale, 55% in the first month after sale, and 35% in the second month after sale. what are the cash collections of credit sales in the month of december?

Answer 1

The Cash Collection from the Credit sales in the Month of December is $130,300.

Credit (from the Latin verb credit score, which means "one believes") is the agree with which permits one party to offer money or resources to any other celebration in which the second birthday celebration does not reimburse the primary birthday party at once (thereby producing a debt), however, guarantees both to repay or go back those resources (or different substances of identical price) at a later date. In different words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a massive organization of unrelated humans.

The assets provided may be financial (e.g., granting a loan), or they'll encompass items or offerings (e.g., client credit score). credit score encompasses any shape of the deferred fee. a credit score is extended by means of a creditor, also called a lender, to a debtor, additionally called a borrower.

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