A company reported an opening cash balance for June 2021 £22,532.00 Sales of June is expected to be £100,000.00 Cash receipt from the credit sales of last month £10,000.00 May's A/C Payable £35,000.00 June's Expected A/C payable £30,000.00 Sales Term: Cash 30% 30 days 65% Uncollectible 5% Payment term: Cash 10% 30 Days 90% What will be the closing balance for June 2021?
A company reported an opening cash balance for June 2021 £22,532.00 Sales of June is expected to be £100,000.00 Cash receipt from the credit sales of last month £10,000.00 May's A/C Payable £35,000.00 June's Expected A/C payable £30,000.00 Sales Term: Cash 30% 30 days 65% Uncollectible 5% Payment term: Cash 10% 30 Days 90% What will be the closing balance for June 2021?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14MC: Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...
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Question
A company reported an opening cash balance for June 2021 |
£22,532.00 |
||
Sales of June is expected to be |
£100,000.00 |
||
Cash receipt from the credit sales of last month |
£10,000.00 |
||
May's A/C Payable |
£35,000.00 |
||
June's Expected A/C payable |
£30,000.00 |
||
Sales Term: |
Cash |
30% |
|
30 days |
65% |
||
Uncollectible |
5% |
||
Payment term: |
Cash |
10% |
|
30 Days |
90% |
What will be the closing balance for June 2021?
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