Granite Company sells products exclusively on account, and has experienced the following collection pattern: 60% in the month of sale, 25% in the month after sale, and 15% in the second month after sale. Uncollectible accounts are negligible. Customers who pay in the month of sale are given a 2% discount. If sales are $220,000 in January, $200,000 in February, $280,000 in March, and $260,000 in April, Granite's accounts receivable balance on May 1 will be:
A) $107,120
B) $143,920
C) $146,000
D) $204,000

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The Answer of Granite Company sells products exclusively on account, and has experienced the following collection pattern: 60% in the month of sale, 25% in the month after sale, and 15% in the second month after sale. Uncollectible accounts are negligible. Customers who pay in the month of sale are given a 2% discount. If sales are $220,000 in January, $200,000 in February, $280,000 in March, and $260,000 in April, Granite's accounts receivable balance on May 1 will be:
A) $107,120
B) $143,920
C) $146,000
D) $204,000

Granite Company Sells Products Exclusively on Account, and Has Experienced