E-Mail : support@onlinemathsguru.com
Kennedy Company has the following collection pattern for its accounts receivable:
40 percent in the month of sale
50 percent in the month following the sale
8 percent in the second month following the sale
2 percent uncollectible
The company has recent credit sales as follows:
April:$200,000
May:420,000
June:350,000
How much should the company expect to collect on its receivables in June?