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Youri Plc has the following opening and closing balances on its trade receivables budget for next year 2017.
Opening balance on trade receivables (invoiced on 31 Dec 2006) – £56,000
Closing balance on trade receivables (invoiced on 30 Dec 2007) – £72,000In 2007, credit sales are expected to be £276,000. The company offers a 10% discount on all amounts paid within one month of the invoice date. In 2007 the company expects 50%of eligible trade customers to take advantage of this discount.
How much cash does Youri Plc expect to receive from customers during the year?
The answer is £243,400 but I can’t understand how to find the amounts for November and December.
Thank you.
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