Homework Answers
In June 30% of June's sales will be collected, 55% of May's sales will be collected and 10% of April's sales will be collected. To this we will add cash sales of $54,000
Thus cash collection in June = (30% of 46,000 + 55% of 39,000 + 10% of 12,000) + 54,000
= (13,800 + 21,450 + 1,200) + 54,000
= 36,450 + 54,000
= 90,450
Thus total cash collections in June is $90,450.
(36,450 is the collection only for credit sales. There is a cash sale of 54,000 and so total collection = 36450+54000 = 90450).
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