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As of January 1 of the current year,the Grayson Company had accounts receivables of $40,000.The sales for January,February,and March were as follows: $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.What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?
Industrywide Liability
A legal theory holding all companies within an industry responsible for harm caused by hazardous products or practices, regardless of individual culpability.
Manufacturing
The process of converting raw materials, components, or parts into finished goods through the use of equipment, human labor, and machinery.
Harmful Product
A product that can cause injury, health issues, or detrimental effects to consumers due to its nature, design, or manufacturing.
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