Topaz 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,Topaz Company has the following accounts receivable balances: $\begin{array}{lr}
\text {From April sales }&\$21,000\
\text {From May sales }&48,000\
\end{array}$
Topaz's expected sales for June are $150,000.What were total sales for April?

Question

Topaz 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,Topaz Company has the following accounts receivable balances: $\begin{array}{lr}
\text {From April sales }&\$21,000\
\text {From May sales }&48,000\
\end{array}$
 Topaz's expected sales for June are $150,000.What were total sales for April?

Quizplus · Accepted Answer

The Answer of Topaz 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,Topaz Company has the following accounts receivable balances: $\begin{array}{lr}
\text {From April sales }&\$21,000\
\text {From May sales }&48,000\
\end{array}$
 Topaz's expected sales for June are $150,000.What were total sales for April?

Topaz Company Has the Following Expected Pattern of Collections on Credit