As of January 1 of the Current Year, the Grackle

question 61

Multiple Choice

As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each month's 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 March?

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

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Definitions:

Project

A planned set of interrelated tasks to be executed over a fixed period and within certain costs and other limitations.

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments and abilities is greater than their objective accuracy.

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Step-by-step procedures or formulas for solving a problem or accomplishing a specific task, often used in computing and mathematics.

Confirmation Bias

The tendency to search for, interpret, and remember information in a way that confirms one's preconceptions, leading to statistical errors.