Problem: ACO began operations on January 1. All sales are on credit. Aco has sales budgeted as $160,000 for February. Receivables at January 31 were $20,000. Accounts Receivable collections are expected to be 50% in the month of sale, 20% the next month, and 10% in the next.
Determine:
1. Dollar value of January sales.
2. Dollar value of January cash collections from customers.
3. Dollar value of February Expected cash collections from customers.
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