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QUESTION
Total Monthly sales are as follow: November: $100,000 December: $120,000 Jan. 110,000 The sales are 30% cash and 70% credit card.
Total Monthly sales are as follow:
November: $100,000
December: $120,000
Jan.: 110,000
The sales are 30% cash and 70% credit card. American Express is the only acceptable credit card at Mable's, and the charges are converted to cash 7 days after the sale. Assume the sales are even throughout the month, and that the brokerage charge is 4% on gross. What is the collection of accounts receivables for January?
