On March 31, 2013, Mike\'s Bike Shop had and outstanding accounts receivable of

Q: On March 31, 2013, Mike's Bike Shop had and outstanding accounts receivable of

b accounts receivable for April = (0.5*12500)+15000 21250

ID: 2766144 • Letter: O

Question

On March 31, 2013, Mike's Bike Shop had and outstanding accounts receivable of $17,500. Mike's sales are roughly evenly split between credit and cash sales, with the credit sales collected half in the month after the sale and the remainder 2 months after the sale. Historical and projected sales for the bike shop are given here: Month Sales January $15,000 February $20,000 March $25,000 April(projected) $30,000 a. Under these circumstances, what should the balance in accounts receivable be at the end of April? b. How much cash did Mike's realize during April from sales and collections?

Explanation / Answer

accounts receivable for April = (0.5*12500)+15000 21250

Navigate

On March 31, 2013, Mike\'s Bike Shop had and outstanding accounts receivable of

On March 31, 2013, the Herzog Company purchased a factory complete with machiner

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.

On March 31, 2013, Mike\'s Bike Shop had and outstanding accounts receivable of

Question

Explanation / Answer

Related Questions

Navigate