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

total cash collections in June = $101050

so correct option is A. $101,050

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

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