Solved

Stiles Enterprises Reported the Following Cash Collections in July and August

Question 67

Essay

Stiles Enterprises reported the following cash collections in July and August from credit sales:
 July  August  From June receivables $33,000 From July sales 105,000 $ 45,000 From August sales 168,000\begin{array} { | l | r | r | r | } \hline & { \text { July } } && { \text { August } } \\\hline \text { From June receivables } & \$33,000 & & \\\hline \text { From July sales } & 105,000 & & \text { \$ } 45,000 \\\hline \text { From August sales } & & & 168,000 \\\hline\end{array} The Company sells a single product for $20, and all sales are collected over a two-month period.
Required:
A. Determine the number of units that were sold in July.
B. Determine the percent of credit sales collected in the month of sale and the percent of sales collected in the month following sale.
C. How many units were sold in August?
D. Determine the accounts receivable balance as of August 31.

Correct Answer:

verifed

Verified

A. July sales: $105,000 + $45,000 = $150...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents