As of January 1 of the Current Year, Grayson Company

question 193

Multiple Choice

As of January 1 of the current year, Grayson Company had accounts receivable of $40,000. The sales for January, February, and March were $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales) , 60% are collected in the month of sale, with the remaining 40% collected in the following month. The total cash collected (both from accounts receivable and for cash sales) in the month of January is

• A)$64,000
• B)$107,000
• C)$61,600
• D)$121,600

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Definitions:

Pedal Erythema

Redness or inflammation of the skin on the feet, which can be a sign of infection, inflammation, or circulatory issues.

Lichenification

A skin condition characterized by thickened, leathery patches resulting from excessive scratching or rubbing.

Keratosis

A general term for any skin condition characterized by an overgrowth of keratin, leading to rough, scaly patches.

Fissure

A long, narrow, and deep crack or opening often found in the anatomy of the body, such as the skin or the folds of the brain, that can indicate disease or a division between anatomical structures.