Oneill co has 298106 in accounts receivable on january 1, Ask an Expert

Accounting

O'Neill Co. has $298,106 in accounts receivable on January 1. Budgeted sales for January are $840,001. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. What are the January cash collections from sales?

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Accounting Basics, Accounting

Category:- Accounting Basics
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