Answer:
$92,022
Explanation:
The computation of the Jan collections is shown below:
Given that
Accounts Receivable = $27,000
Uncollected December Sales = $22,000
So, Uncollected November Sales = $5,000
For determining the amount of Jan collections we need to do following calculations which is
December Sales = Uncollected December Sales ÷ 0.45
= $22,000 ÷ 0.45
= $48,889
And,
Collection from November Sales = $5,000
Collection from December Sales = $48,889 × 43%
= $21,022
And,
Collection from January Sales = $120,000 × 55%
= $66,000
So,
Total Collection in January = Collection from November Sales + Collection from December Sales + Collection from January Sales
= $5,000 + $21,022 + $66,000
= $92,022
We simply added the three months collections
