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1. A firm has foretasted sales of $3000 in April, 4500 in May and $5000 in June. All sales are on credit. 30% is paid
1. A firm has foretasted sales of $3000 in April, 4500 in May and $5000 in June. All sales are on credit. 30% is paid in cash the remainder the following month. What is the AR balance on July 1?
4500 | ||
1500 | ||
3500 | ||
2000 |
2. ABC corp has an Accounts Receivable balance of $375,000 on April 30. ABC's credit terms are 2/10 net 30.
The AR breakdown is as follows:
April $131,000
March $ 94,000
Feb $112,500
Jan $ 37,500
What percent of their Account Receivable Balance is current?
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