As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March of 2009 were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash
collected (both from accounts receivable and for cash sales) in the month of January?
A) $$74,000
B) $110,000
C) $71,600
D) $131,600
D
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