Given the following information:
|
|
January
|
February
|
|
Cash Sales
|
10,000
|
6,000
|
|
Credit Sales
|
15,000
|
10,000
|
|
Total Sales
|
25,000
|
16,000
|
Credit sales are collected 5% in the month of sale and 95% in the month following sale.
What are the total cash collections for February? Please show all your calculations.