Solved: Tanya corp sells its products on both credit and cash basis, Accounting Basics

Tanya corp sells its products on both credit and cash basis

Problem

Tanya Corp. sells its products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 65% in the month of sale and 35% the following month. Sales for the first quarter are BUDGETED as follows: January, $250,000; February, $360,000; March, $300,000.

Compute cash collections budgeted for February. How much cash was collected in the month?

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Accounting Basics: Tanya corp sells its products on both credit and cash basis

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