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Miso Company Makes All Its Sales on Account -Refer to the Figure

Question 61

Multiple Choice

Miso Company makes all its sales on account. Accounts receivable payment experience is as follows:
Miso provided information on sales as follows:
 Percent paid in the month of sale 30% Percent paid in the month after the sale 60% Percent paid in the second month after the sale 8%\begin{array}{lr}\text { Percent paid in the month of sale } & 30 \% \\\text { Percent paid in the month after the sale } & 60 \% \\\text { Percent paid in the second month after the sale } & 8 \%\end{array}  May $100,000 June $120,000 July $130,000 August (expected)  $150,000\begin{array}{ll}\text { May } & \$ 100,000 \\\text { June } & \$ 120,000 \\\text { July } & \$ 130,000 \\\text { August (expected) } & \$ 150,000\end{array}
-Refer to the Figure.What dollar value of June credit sales is expected to be collected in July?


A) $30,000
B) $36,000
C) $60,000
D) $72,000

Correct Answer:

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