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Question

1. ABC Company pays for merchandise entirely on credit as follows: 60% in the current month, 35% in the month

following, and 5% in the second month following. Assume January purchases are $65,000. How much of January purchases are paid for January?

2. ABC Company has sales forecasts of the following: February = $40,000; March = $65,000. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. If the total cash receipts for March equal $48,250, what is the sales forecast for January?

 
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