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Determine the company accounts receivable balance on june

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Question - On April 1, DC Company had a Cash balance of $25,000, an Accounts Receivable balance of $50,000, and an Accounts Payable balance of $40,000.

The company makes all purchases and sales on account. Purchase and sales information is presented below.

Sales Purchases

April $175,000 $150,000

May $180,000 $170,000

June $190,000 $180,000

Sixty percent (60%) of sales is collected in the month of sale; 30% is collected in the first month after sale; and 10% is collected in the second month after sale.

Fifty percent (50%) of purchases is paid in the month of purchase; 30% is paid in the first month following purchase; and 20% is paid in the second month following purchase.

1. Determine the company's cash collections for June?

2. Determine the company's accounts receivable balance on June 30?

3. Determine the company's cash payments for June?

4. Determine the company's accounts payable balance on June 30?

5. Determine the company's cash balance on June 30?

Reference no: EM132957372

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