Michael Ltd. has the following sales forecasts for the first three months of 2011: Sixty-five per cent of sales are collected in the month of the sale and the remainder are collected in the following month.
Minimum cash balance is £20,000. Cash can be borrowed in £1,000 increments from the local bank (assume no interest charges) . How much cash would be collected in March from sales?
A) £32,000
B) £58,400
C) £48,000
D) £34,400
Correct Answer:
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