Feeney furniture prepared the following sales budget: month cash sales credit sales march $ 20,000 $ 14,000 april $ 35,000 $ 16,000 may $ 42,000 $ 40,000 june $ 57,000 $ 53,000 credit collections are 20% two months following the sale, 65% in the month following the sale, and 10% in the month of sale. the remaining 5% is expected to be uncollectible. what are the total cash collections in june at feeney furniture?

Total cash collections in June = $103270

Explanation:

given data

sales budget                

Month                      Cash Sales                     Credit Sales

March                      $ 20,000                         $ 14,000

April                         $ 35,000                         $ 16,000

May                          $ 42,000                         $ 40,000

June                         $ 57,000                         $ 53,000

Credit collections =  20%

to find out

total cash collections in June

solution

we get here Total cash collections in June that is express as

Total cash collections = $60,000 + ( $51000 × 0.62 ) + ( $37000 × 0.30 ) +($11000 × 0.05)

solve we get

Total cash collections in June = $103270

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