Balance of receivables


Ellis Sport Shop projects sales of $75,000 in April, $95,000 in May, and $100,000 in June. Seventy percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been 0 and is expected to continue. What is the balance of Receivables at the end of June?

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Balance of receivables
Reference No:- TGS047011

Expected delivery within 24 Hours