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Michael Corporation Has the Following Sales Forecasts for the First

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Michael Corporation has the following sales forecasts for the first three months of 2006: Michael Corporation has the following sales forecasts for the first three months of 2006: Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the following month. Minimum cash balance is $20,000.Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges) .How much cash would be collected in March from sales? A) $32,000 B) $58,400 C) $48,000 D) $34,400 Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the following month.
Michael Corporation has the following sales forecasts for the first three months of 2006: Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the following month. Minimum cash balance is $20,000.Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges) .How much cash would be collected in March from sales? A) $32,000 B) $58,400 C) $48,000 D) $34,400 Minimum cash balance is $20,000.Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges) .How much cash would be collected in March from sales?

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