Bernies ltd sells goods on terms 210 n30 gross credits


Bernie's Ltd. sells goods on terms 2/10, n/30. Gross credits sales for May were $40,000 and for June were $60,000. Analysis of Bernie's Ltd. shows that customer payments on account have the following trends:

Receiving discount Beyond discount period Total
In month of sale 50% 20% 70%
In month following sale 15% 10% 25%
Uncollectible accounts, returns, allowances 5%
100%

The percentages in the table are of total monthly credit sales. How much cash was collected on customer accounts in June?$9,880$34,300 $51,280$41,400 None of the other alternatives are correct

 

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Accounting Basics: Bernies ltd sells goods on terms 210 n30 gross credits
Reference No:- TGS02542007

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