Reference no: EM132879481
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.
Question 1. The company's cash collections for June are:
Question 2. The company's accounts receivable balance on June 30 is:
Question 3. The company's cash payments for June are:
Question 4. The company's accounts payable balance on June 30 is:
Question 5. The company's cash balance on June 30 is:
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