CORRECT TEXT

CORRECT TEXT

HI commenced business on 1 April 20X3. Sales in April 20X3 were $30,000. This is forecast to increase by 2% per month.

Credit sales accounted for 50% of sales. Credit sales customers are allowed one month to pay; 75% of April credit customers paid on time. A further 20% are expected to pay after more than one month, but before two months. The remaining 5% are not expected to pay. All these percentages are expected to continue in the near future.

Calculate the total amount of cash HI should forecast to be received in June 20X3.

Give your answer to the nearest whole $.

View Answer

Answer: $30081