Homework Answers
A)
| April | May | June | |
| Feb sales collection in April | $12,000 | - | - |
| Mar sales collection in April | $56,000 | - | - |
| Mar sales collection in May | - | $16,000 | - |
| April cash sales | $10,000 | - | - |
| April sales collection in May | - | $70,000 | - |
| April sales collection in June | - | - | $20,000 |
| May cash sales | - | $12,000 | - |
| May sales collection in June | - | - | $84,000 |
| June cash sales | - | - | $11,000 |
| Total Cash collection | $78,000 | $98,000 | $115,000 |
B) Accounts receivable balance in June = 90% of June sales + 20% of May sales
= $110,000 X 90% + $120,000 X 20%
= $123,000
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