Accounts receivable and cash sales

Reference no: EM13121425

As of January 1, the Joyner Company had an account receivable 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 January?

a) $74,000

b) $110,000

c) $71,600

d) $131,600

Reference no: EM13121425

Questions Cloud

Find probability that murder are committed with a firearm : use the normal approximation to the binomial to determine what is the probability that: 100 or more murder are committed with a firearm? a. 0.452 b. 0.548 c. 0.367 d. 0.164.

Illustrate what is the contribution margin per ton : Timberland’s incremental tax rate is 30%. Prepare a budgeted income statement assuming that Timberland sells 2,500 tons. Illustrate what is the contribution margin per ton?

What are the steps in mitotic cell division : What are the steps in mitotic cell division, and how do they differ from the steps in meiotic cell division?

Study the components, processes and outcomes : What are some of the methods that scientists have used to study the components, processes, and outcomes of cell division?

Accounts receivable and cash sales : 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 January?

Explain how much interest expense will cramer company report : The fiscal year of cramer company ends on december 31. Explain how much interest expense will cramer company report in its december 31, 2011 income statement?

Design to determine the tdp for the bacillus : the thermal death point (TDP) is the lowest temperture required to kill all of a certain species of bacteria within a given amount of time ( usually 10 mintes). Describe an experiment you could design to determine the TDP for the Bacillus culture ..

Comute the value of the chi-square : The company recorded the type of the most recent visit to a doctor by each employee.State the decision rule. Use 0.01 significance level. Comute the value of teh Chi-Square.

Factoring quadratic equations : For each given pair of numbers find the quadraticequation with integral coefficients that has the numbers as its solutions.

User Account

All Pages