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Determine the estimated cash collected

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Question - Budgeting Cash Collections - Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $126,000 and $144,000, respectively. Analysis of Spencer'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 of following sale

15%

10%

25%

Uncollectible accounts, returns, and allowances

 

 

5%

 

 

 

100%

Required - Determine the estimated cash collected on customers' accounts in June.

Reference no: EM133053206

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