Coolidge Company Has the Following Collection Pattern for Its Accounts $$\begin{array} { l l } \text { Apri: } & \$200,000 \\\text { Muy: } & 420,000 \\\text { Jus: } & 350,000\end{array}$$

question 118

Essay

Coolidge Company has the following collection pattern for its accounts receivable:
40 percent in the month of sale
50 percent in the month following the sale
8 percent in the second month following the sale
2 percent uncollectible
The company has recent credit sales as follows:
$$\begin{array} { l l } \text { Apri: } & \$200,000 \\\text { Muy: } & 420,000 \\\text { Jus: } & 350,000\end{array}$$
How much should the company expect to collect on its receivables in June?

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