11. A company's accounts receivable balance at the end of December is $68,730, of which 20.40%...

11. A company's accounts receivable balance at the end of December is $68,730, of which 20.40% is uncollected from December sales. The company's credit sales policy is as follows: 56.30% collected in the month of sale, 35.00% collected in the month immediately after the sale, with the remaining balance collected in the second month after the sale. How much were the total sales in November?

Expert Solution

Given that,
Accounts receivable ending Balance on December = $68730

Account receivable pertaining to December included in the Ending Balance = $68730*20.4%
				= $14021

We know that,
Balance amount ($68730-$14021 = $54709) is pertaining to the uncollected balance of November month.

Remaning percentage of Collection for the Month of November = 100 - 56.3- 35
				= 8.7%

If total sales of November is "x"

Then,

x * 8.7% = $54709

x = $628839

jeff jeffy answered 3 years ago

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