Estimate Cash Receipts: Green Lawn Service manages neighborhood lawns in Iowa City. The company attempts to make
Question:
Estimate Cash Receipts: Green Lawn Service manages neighborhood lawns in Iowa City. The company attempts to make service calls at least once a month to all homes that subscribe to Green Lawn's service. More frequent calls are made during the growing season. The number of subscribers also varies with the season. The following table shows the number of subscribers and the average number of calls to each subscriber for the months of interest here:
The average price charged for a service call is $40. 20 percent of the service calls are paid in the month when the service is rendered: 60 percent in the month after the service is rendered; and 15 percent in the second month after. The remaining 5 percent are uncollectible.
Required: What are Green Lawn's expected cash receipts for May, June, July, and August?
Transcribed Image Text:
Subscribers Service Calls March 50 April 60 1.0 May 130 1.8 June 150 2.2 July 150 2.0 August 140 1.7 508207 .5
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