Collections from Accounts Receivable
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A firm has forecasted sales of $4,000 in January, $6,000 in February and $5,500 in March. All sales are on credit. 40% is collected the month of sale and the remainder the following month. How much is collected from accounts receivable in February?
A) $5,400
B) $4,000
C) $6,000
D) $3,000
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Solution Summary
The solution calculates amount collected from accounts receivable.
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