Given the following information for Nugget Corporation, answer the questions bel
ID: 2394771 • Letter: G
Question
Given the following information for Nugget Corporation, answer the questions below.
November
December
January
February
March
Sales
$300,000
$250,000
$275,000
$325,000
$350,000
Cash collected in month of sale
10%
Credit collections:
Collected in month of sale
10%
Collected in month following the sale
75%
Collected in second month following the sale
15%
Each question should have one amount in the answer field.
You must format your answers as follows: $x,xxx
Total collections from cash sales for the quarter ending March 31, 2018.
Total collections from credit sales for the quarter ending March 31, 2018.
November
December
January
February
March
Sales
$300,000
$250,000
$275,000
$325,000
$350,000
Explanation / Answer
1) Total collections from cash sales for the quarter ending March 31, 2018 $ 95,000 Working: January February March Total Sales $ 2,75,000 $ 3,25,000 $ 3,50,000 Cash Sales @ 10% $ 27,500 $ 32,500 $ 35,000 $ 95,000 2) Total collections from credit sales for the quarter ending March 31, 2018 $ 5,27,625 Working: November December January February March Total Sales $ 3,00,000 $ 2,50,000 $ 2,75,000 $ 3,25,000 $ 3,50,000 Credit Sales @ 90% $ 2,70,000 $ 2,25,000 $ 2,47,500 $ 2,92,500 $ 3,15,000 Collection of credit sales in the month of: November $ 27,000 December $ 2,02,500 $ 22,500 January $ 40,500 $ 1,68,750 $ 24,750 February $ 33,750 $ 1,85,625 $ 29,250 March $ 37,125 $ 2,19,375 $ 31,500 Total $ 2,47,500 $ 2,48,625 $ 31,500 $ 5,27,625
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