help All sales of Tammy\'s Jeans and Uniforms (TJU) are made on credit. Sales ar

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All sales of Tammy's Jeans and Uniforms (TJU) are made on credit. Sales are billed twice monthly, on the fifth of the month for the last half of the prior month's sales and on the twentieth of the month for the first half of the current month's sales. For accounts paid within the first 10 days after the billing date. TJU gives customers a 2% discount; otherwise the full amount is due within 30 days of the billing date, and customers that do not pay within the 10-day discount period generally wait the full 30 days before making payment. Based on past experience, the collection experience of accounts receivable is: ) (Click the icon to view the collection experience.) (Click the icon to view the collection experience.) (Click the icon to view the sales budget.) TJU's average markup on its products is 45% of the sales price. TJU purchases merchandise for resale to meet the current month's sales demand and to maintain a desired monthly ending inventory of 30% of the next month's cost of goods sold. All purchases are on credit. TJU pays for one-half of a month's purchases in the month of purchase and the other half in the month following the purchase. All sales and purchases occur uniformly throughout the month. Read the requirements. Requirement 1. How much cash can TJU plan to collect from accounts receivable collections during July 20X8? July collections May sales billed June 5 June sales billed June 20 June sales billed July 5 July sales billed July 20 Total July collections Choose from any list or enter any numher in the innut fields then click Cherk Answer

Explanation / Answer

1) Collection from receivables in July Remarks Sale Billed at 50 % July of mothly sale billed on 5th june 460000 128800 28 % of June 5 sale billed on 20th June 460000 128800 28 % of June 20 sale Billed on 5th July 470000 322420 70 % of July 5 sale at 2% discount Billed on 20th July 470000 322420 70 % of July 20 sale at 2% discount Total July Collection 902440

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