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Collections during April will consist of 50% of March sales collected within 10 days (April 1 through April 10) at 98% of their balance, 30% of March sales collected during the remainder of April, and 15% of February sales collected during April. This answer results from multiplying 30% by the April sales amount instead of by the March sales amount. See the correct answer for a complete explanation.
Collections during April will consist of 50% of March sales that are collected from April 1 through April 10 within 10 days of billing at 98% of their balance (with the 2% discount for prompt payment); 30% of March sales that are collected during the remainder of April at 100% of their balance (no discount); and 15% of February sales collected during April at 100% of the balance (no discount). Therefore, April collections will be: 50% of March sales of $370,000 × .98 $181,300 30% of March sales of $370,000 111,000 15% of February sales of $340,000 51,000 April collections $343,300
This answer does not take into consideration the fact that 50% of March's sales will be collected within the discount period and will be subject to a 2% discount. See correct answer for a complete calculation.
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