Question

Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,000​ May $43,000​ $35,000​ June $59,000​ $50,000​ Credit collections are 5% two months following the sale, 30% in the month following the sale, and 62% in the month of sale. The remaining 3% is expected to be uncollectible. What are the total cash collections in June at Feeney Furniture?

A. $101,050
B. $42,050
C. $19,820
D. $109,000

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Answer 2

total cash collections in June = $101050

so correct option is A. $101,050

Step-by-step explanation:

given data

month cash sales credit sale

march $19,000 $11,000

April $40,000 $11,000

May $43,000 $35,000

June $59,000 $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June + ( credit sale in June × 62% ) + ( credit sale in May × 30%) + ( credit sale in April × 5%) .............1

put here value we get

total cash collections in June = $59000 + ( $50000 × 62% ) + ( $35000 × 30%) + ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050