96) Fielding wilderness outfitters had project its sales for the first six month

Question

96) Fielding wilderness outfitters had project its sales for the first six months of 2008 to be as follows: Jan $50,000 Feb $ 60,000 Mark $ 100,000 April $ 180,000 May 240,000 June 240,000 Cost of goods sold is 60% of sales. Purchases are made and paid for two months prior to the sale. 40% of sale are collected in the month of the sale, 40$ are collected in the month following the sale, and the remaining 20% in the second month following the sale. Total other cash expenses are $40,000 / month. The company wants to maintain a minimum cash balance of 15000. Excess cash will be to retire short term borrowing (if any exist. Fielding has no short term borrower is 1% per month. What is fielding project total receipts collection for April?

Explanation / Answer

$124,000

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