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pochemuha
3 years ago
6

All of Gaylord Corporation's sales are on account. Thirty-five percent of the sales on account are collected in the month of sal

e, 45% in the month following sale, and the remainder are collected in the second month following sale. The following are budgeted sales data for the company: January February March April Total sales $50,000 $60,000 $40,000 $30,000 What is the amount of cash that should be collected in March
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
4 0

Answer:

$51,000

Explanation:

Given that,

Budgeted sales:

January = $50,000

February = $60,000

March = $40,000

April = $30,000

45% in the month following sale

35% of the sales on account are collected in the month of sale

Remainder are collected in the second month following sale.

Therefore,

Amount of cash that should be collected in March:

= (20% of January sales) + (45% of February sales) + (35% of March sales)  

= ($50,000 × 20%) + ($60,000 × 45%) + ($40,000 × 35%)

= $51,000

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