Question

Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,000​ May $43,000​ $35,000​ June $59,000​ $50,000​ Credit collections are 5% two months following the sale, 30% in the month following the sale, and 62% in the month of sale. The remaining 3% is expected to be uncollectible. What are the total cash collections in June at Feeney Furniture?
A. $101,050
B. $42,050
C. $19,820
D. $109,000

Answer 1

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

Answer 2

Hey! How are you? My name is Maria, 19 years old. Yesterday broke up with a guy, looking for casual sex.

Write me here and I will give you my phone number - *pofsex.com*

My nickname - Lovely