As of January 1 of the Current Year, the Grackle $$74,000
B) $110,000
C) $71,600
D) $131,600

question 118

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 of 2012 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 January?

• A) $$74,000
• B) $110,000
• C) $71,600
• D) $131,600

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Definitions:

Reasonable

Pertaining to actions, decisions, or conditions that are logical, fair, and sensible under the circumstances.

Public Interest

The welfare or well-being of the general public and society, often considered in legal and policy decisions.

Restricts

Imposes limitations or conditions on actions, access, or behaviors, often through regulations, laws, or contracts.

Bankrupt

A legal status of a person or entity that cannot repay the debts it owes to creditors.