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How much cash was collected on customer accounts in june

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Question - Bernie's Ltd. sells goods on terms 2/10, n/30. Gross credits sales for May were $40,000 and for June were $60,000. Analysis of Bernie's Ltd. shows that customer payments on account have the following trends:

Receiving discount Beyond discount period Total

in month of sale 50% 20% 70%

In month following sale 15% 10% 25%

Uncollectible accounts, returns, allowances 5%

100%

The percentages in the table are of total monthly credit sales. How much cash was collected on customer accounts in June?

Reference no: EM132995002

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