McDavid Company has completed its sales budget for the first quarter of 2007. Projected credit sales for the first four months of the year are shown below:
January $30,000
February $36,000
March $45,000
April $48,000
The company’s past records show collection of credit sales as follows: 30% in the month of sale and the balance in the following month. The total cash collection from receivables in March will be:
(a) $38,700
(b) $45,000
(c) $42,300 units
(d) $31,800
McDavid Company has completed its sales budget for the first quarter of 2007. Projected credit sales for the first four months of the year are shown below:
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