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Category > Accounting Posted 17 May 2017 My Price 5.00

Mercer, Inc. had the following sales for the past six months

Mercer, Inc. had the following sales for the past six months. Mercer collects its credit sales 30% in the month of sale, 60% one month after the sale, and 10% two months after the sale.

 

 

 

 

 

 

Cash Sales

 

 

Credit Sales

 

 

January

 

 

$40,000

 

 

$60,000

 

 

February

 

 

$50,000

 

 

$90,000

 

 

March

 

 

$35,000

 

 

$80,000

 

 

April

 

 

$40,000

 

 

$100,000

 

 

May

 

 

$60,000

 

 

$120,000

 

 

June

 

 

$70,000

 

 

$140,000

 

 

 

 

 

What are Mercer’s total cash receipts for the month of March?

 

 

a. $119,000

 

 

b. $115,000

 

 

c. $141,000

 

 

d. $129,000

 

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 17 May 2017 12:05 PM My Price 5.00

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file 1495025284-Answer.docx preview (93 words )
M-----------erc-----------er,----------- In-----------c. -----------had----------- th-----------e f-----------oll-----------owi-----------ng -----------sal-----------es -----------for----------- th-----------e p-----------ast----------- si-----------x m-----------ont-----------hs.----------- Me-----------rce-----------r c-----------oll-----------ect-----------s i-----------ts -----------cre-----------dit----------- sa-----------les----------- 30-----------% i-----------n t-----------he -----------mon-----------th -----------of -----------sal-----------e, -----------60%----------- on-----------e m-----------ont-----------h a-----------fte-----------r t-----------he -----------sal-----------e, -----------and----------- 10-----------% t-----------wo -----------mon-----------ths----------- af-----------ter----------- th-----------e s-----------ale-----------. -----------Cas-----------h S-----------ale-----------s C-----------red-----------it -----------Sal-----------es ----------- Ja-----------nua-----------ry -----------$40-----------,00-----------0 $-----------60,-----------000----------- F-----------ebr-----------uar-----------y $-----------50,-----------000----------- $9-----------0,0-----------00 ----------- Ma-----------rch----------- $3-----------5,0-----------00 -----------$80-----------,00-----------0 -----------Apr-----------il -----------$40-----------,00-----------0 $-----------100-----------,00-----------0 -----------May----------- $6-----------0,0-----------00 -----------$12-----------0,0-----------00 ----------- Ju-----------ne -----------$70-----------,00-----------0 $-----------140-----------,00-----------0 -----------Wha-----------t a-----------re -----------Mer-----------cer-----------’-----------s t-----------ota-----------l c-----------ash----------- re-----------cei-----------pts----------- fo-----------r t-----------he -----------mon-----------th -----------of -----------Mar-----------ch?----------- a-----------. $-----------119-----------,00-----------0
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