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Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as sh
Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30
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Answer #1
1
April May June Total
February sales 12500 12500
March sales 182000 14000 196000
April sales 96000 208000 16000 320000
May sales 156000 338000 494000
June sales 54000 54000
Total cash collections 290500 378000 408000 1076500
2
May sales 26000 =520000*5%
June sales 126000 =180000*70%
Total accounts Receivable at June 30 152000
Workings for 1:
April May June
February sales =250000*5%
March sales =280000*65% =280000*5%
April sales =320000*30% =320000*65% =320000*5%
May sales =520000*30% =520000*65%
June sales =180000*30%
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