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    msgwohlwend's Avatar
    msgwohlwend Posts: 1, Reputation: 1
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    #1

    Apr 12, 2009, 02:17 PM
    Acctg - Cash Receipts
    Miller Metalworks had sales in Nov of $60,000, in Dec of $40,000, and in Jan of $80,000. Miller collects 40% of sales in the month of the sale and 60% one month after the sale. Calculate Miller's cash receipts for Jan.

    Does anyone know how to calculate to get the answer?
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #2

    Apr 14, 2009, 11:42 PM

    Hi, msgwohlwend!

    Greetings and WELCOME to the site! I just moved your question that you had posted in Introductions to this forum topic area so that it will get the most exposure to those who are best able to answer it. Introductions is for people to introduce themselves and we try to not ask questions there.

    It can be a little confusing when first learning how to use this site! Your question will get noticed much more in this forum topic area.

    We would appreciate it if you would return to Introductions sometime to tell us a little about yourself though, if you would be willing to do that.

    Thanks!
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Apr 16, 2009, 12:32 AM

    Do exactly what it says. It says they collect 40% in the month of the sale. So calculate 40% and put that down as collections in the same month as the sale.

    What does 60% one month after the sale mean? So calculate 60% and put it one month after the sale.

    You just need to literally follow what it's saying.
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