As of January 1 of the Current Year, Grackle Company

question 14

Multiple Choice

As of January 1 of the current year, Grackle Company had accounts receivable of $50,000. 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 cash sales) in the month of March is

• A)$74,800
• B)$146,800
• C)$102,000
• D)$116,800

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