Kiwi Company, which sells on terms 2/10, n/30, has had gross credit sales for May and...
Kiwi Company, which sells on terms 2/10, n/30, has had gross credit sales for May and June of $40,000 and $60,000, respectively. Analysis of Kiwi's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales):
| Receiving Discount | Beyond discount period | Totals | |
| In month of sale | 50% | 20% | 70% |
| In month following sale | 15% | 10% | 25% |
| Uncollectible accounts, returns, and allowances | 5% | ||
| 100% |
Determine the estimated cash collected on customers' accounts in June.
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Kiwi Company, which sells on terms 2/10, n/30, has had gross
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