BarnBurner Music, a music publishing firm located in Tennessee, bills its clients on the first...
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Accounting
BarnBurner Music, a music publishing firm located in Tennessee, bills its clients on the first of the month. For example, any sale made in the month of July is billed August 1 and is due September 1. Clients traditionally pay as follows: 50% at the end of the first month, 40% at the end of the second month, 8% at the end of the third month, and 2% default on their bills. If accounts receivable are collected as anticipated, what is the last month in which January billings will be collected?
First Quarter Actual Billings
Second Quarter Anticipated Billings
January
February
March
April
May
June
$88,000
$74,000
$96,000
$99,000
$82,000
$63,000
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