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MC Qu. 142 Memphis Company anticipates total... Memphis Company anticipates total sales for April, May, and June of $820,000, $920,000, and $970,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of June.

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Answer:

670500

Explanation:

June Total Sales = 970000

25% of total sales are cash , so remaining 75% are credit sales . Credit sales of June : 75/100 x 970000 = 727500

40% of credit sales collected in same month, so cash received from June credit sales = (40/100) x 727500 = 291000

55% sale revenue are collected during the first month after the sale, so 55% of May credit sales are collected in June

May credit sales : 75% total may sales = 920000 = 690000

55% of may credit sales = 55 / 100 x 690000 = 379500 [Cash got in June]

So, Total Cash received in June = 291000 + 379500 =  670500

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