Accounts receivable and cash sales

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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

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