6· value: 1000 points Consider a company that has sales in May, June, and July o

Question

6· value: 1000 points Consider a company that has sales in May, June, and July of $11.2 million, $10.2 mllion, and $12.2 million, respectively. The firm is paid by 35 percent of its customers in the month of the sale, 50 percent in the following month, and 13 percent in the next month (2 percent are bad sales and never pay). What is the cash collected in July? (Enter your answer in millions of dollars rounded to 2 decimal places.) Cash collected million References eBook & Resources Worksheet Difficulty: 2 Intermediate

Explanation / Answer

Cash Collected in July = $ 10.83 Million is the correct answer

Note:

Collection Month Sales (in Millions) May (in Millions) June (in Millions) July (in Millions) May 11.2 3.92 5.6 1.456 June 10.2 3.57 5.1 July 12.2 4.27 10.83

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