Stiles Enterprises reported the following cash collections in July and August from credit sales:
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.

Question

Stiles Enterprises reported the following cash collections in July and August from credit sales:  
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.

Quizplus · Accepted Answer

The Answer of Stiles Enterprises reported the following cash collections in July and August from credit sales:  
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.

Stiles Enterprises Reported the Following Cash Collections in July and August