Final Spr2009 Solution

# Final Spr2009 - 6A:002 Spring 2009 Final Exam Page 1 SOLUTION 6A:002 Managerial Accounting Spring 2009 Final Exam Instructions 1 This exam contains

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6A:002 Spring 2009 – Final Exam Page 2 Remember When necessary, round your answers. Round numbers bigger than 1,000 to the nearest whole number. Round numbers less than or equal to 1,000 to four decimal places. Write your answers on the answer sheet on the last page of the exam. 1. Finley Computers made the following sales estimates in planning for the first four months of 2009. January February March April Sales \$100,000 \$110,000 \$150,000 \$170,000 Based on past experience, Finley expects 70% of its sales to be credit sales. Collections of credit sales are estimated to occur as follows: 25% collected in the month of sale 72% collected in the month after sale 3% uncollectible Compute the amount of cash that Finley expects to collect in March . Remember, you are trying to determine the amount of cash collected in March. This will include March cash sales, the percentage of March credit sales that are collected in March, and the percentage of February credit sales that are collected in March.
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## This note was uploaded on 09/29/2011 for the course 06A 002 taught by Professor Stuff during the Spring '11 term at University of Iowa.

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Final Spr2009 - 6A:002 Spring 2009 Final Exam Page 1 SOLUTION 6A:002 Managerial Accounting Spring 2009 Final Exam Instructions 1 This exam contains

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