Dokos,Inc.has a beginning receivables balance on January 1^st of $560.Sales for January through April are $680,$550,$570 and $620,respectively.The accounts receivable period is 30 days.How much did the firm collect in the month of March? Assume that a year has 360 days.

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The accounts receivable period is 30 days, so the firm collects 1/12 of its sales in each month. In March, the firm collected 1/12 of $570, which is $47.50. The firm also collected the remaining balance of its January sales, which is $560 - $680 = -$120. Therefore, the firm collected a total of $47.50 - $120 = -$72.50 in March.

Dokos,IncHas a Beginning Receivables Balance on January 1st of $560

Dokos,IncHas a Beginning Receivables Balance on January 1^st of $560