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Author Question: The following information pertains to Monroe Company: ... (Read 26 times)

Jipu 123

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on: Mar 6, 2021
The following information pertains to Monroe Company:

MonthSalesPurchases
January$67,000$32,000
February$88,000$45,000
March$100,000$58,000

 ∙  Cash is collected from customers in the following manner:
Month of sale30%
Month following the sale70%
 ∙  40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.
 ∙  Labor costs are 20% of sales. Other operating costs are $37,000 per month (including $8,000 of depreciation). Both of these are paid in the month incurred.
 ∙  The cash balance on March 1 is $10,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000.

How much cash will be collected from customers in March?
◦ $96,400
◦ $91,600
◦ $100,000
◦ $118,000
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by Jipu 123 on Mar 6, 2021

reversalruiz

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Reply #1 on: Mar 6, 2021
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Jipu 123

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Reply 2 on: Mar 6, 2021
Excellent

yeungji

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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