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Math Help - Can someone help me please? Im a little confused on this.

  1. #1
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    Can someone help me please? Im a little confused on this.

    Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in September from accounts receivable are:

    How do you this? My teacher never showed us and now he gives us this.
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  2. #2
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    Quote Originally Posted by Jluse7 View Post
    Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in September from accounts receivable are:

    How do you this? My teacher never showed us and now he gives us this.
    Geesh...what a mean teacher

    September sales: 240,000
    Sold for cash: .20(240000) = 48,000
    Sales on account: 240000-48000 = 192,000
    70% of that will be "received from accounts receivable" ; OK?
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  3. #3
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    Thank you so much Wilmer! That helped so much!
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