Greene Company has the following expected pattern of collections on credit sales: 70 percent collected in the month of sale, 15 percent in the month after the month of sale, and 14 percent in the second month after the month of sale. The remaining 1 percent is never collected.
At the end of May, Greene Company has the following accounts receivable balances:
From April sales
$21,000
From May sales
48,000
Greene expected sales for June are $150,000. How much cash will Greene Company expect to collect in June?
a.
$127,400
b.
$129,000
c.
$148,600
d.
$152,520
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