76. Correct answer a. Tip-Top’s first quarter collections total $811,000 as shown below.
Collectible sales first quarter = $855,000 x .95 = $812,250
Daily collectible sales = $812,250 ÷ 90 days = $9,025
40 days of sales = $9,025 x 40 days = $361,000
Total collections = $361,000 + $450,000* = $811,000
*Net A/R from last quarter
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