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Compute the cash collections during January

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Question - Cheroke Company had an accounts receivable balance of $60,000 at December 31, 2013. Projected sales for the first three months of 2014 are:

January $120,000

February 130,000

March 100,000

All sales are credit sales. Cheroke Company usually collects 40% of its sales during the month of sale, 50% in the month following the sale, and 10% in the second month following the sale.

Given the information above, compute the cash collections during January?

Reference no: EM132567476

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