Emerald Company Has the Following Expected Pattern of Collections on Credit

question 91

Multiple Choice

Emerald Company has the following expected pattern of collections on credit sales: 70 percent collected in the month of sale,15 percent in the month after the month of sale,and 14 percent in the second month after the month of sale.The remaining 1 percent is never collected.At the end of May,Emerald Company has the following accounts receivable balances:
From April sales                                  $\$ 21,000$
From May sales                                    48,000
Emerald's expected sales for June are $150,000.What were total sales for April?

• A)$150,000
• B)$72,414
• C)$70,000
• D)$140,000

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Definitions:

Nuts

Hard-shelled seeds of certain plants that are edible and often rich in nutrients such as fats, proteins, and carbohydrates.

Homothetic Preferences

Preferences where if a consumer prefers a bundle of goods A to B, they will also prefer a proportional scaling of A to the same proportional scaling of B, indicating consistent patterns of consumption regardless of income level.

Income

Earnings accumulated, often on a consistent schedule, from employment or investment gains.

Books

Physical or digital publications consisting of written, printed, or illustrated work.