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29 June, 17:45

Kam Department Store reported the following information for 2013:October $1,240,000 November $1,160,000 December $1,440,000All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. How much cash will Kam receive in November?

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  1. 29 June, 20:22
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    Cash received November is $1200000

    Explanation:

    Given data

    October sales = $1,240,000

    November sales = $1,160,000

    December sales = $1,440,000

    to find out

    cash receive in November

    solution

    we know that there are 3 month sales money given

    and we have find in November and amounts on account collected 50% in month of sales

    so cash receive = October sales x 0.5 + November sales x 0.5

    put the value we get

    Cash received November = $1,240,000 x 0.5 + $1,160,000 x 0.5

    Cash received November is $1200000
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