Answer Happy

Clue #2- Cash Collections Schedule Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales. What is the expected amount of cash to be collected in June? (Hint: You may want to calculate April and May also to help you later in the race.)

The marketing department has estimated sales in units as follows: March (actual) 21,000 April 24,500 May 29,750 June 31,500 July 17,500 The selling price of each unit is $5.

Assets Liabilities & Owners' Equity Liabilities Owners' Equity Nordic Company Balance Sheet March 31, 2020 Cash Accounts Receivable Inventory Buildings & equipment (net) . Accounts Payable Capital Stock Retained earnings Total Assets Total liab. & Owners' equity IMPORTANT instructions! When entering your answers, make sure you format them in WITHOUT the $. For example: • Positive Numbers: 123,000 NOT $123,000. Negative Numbers: (123,000) NOT ($123,000) $15,750 $84,000 $22,050 $374,675 $496,475 $32,025 $332,500 $131,950 $496,475