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Question
Finney had the following transactions during March 2010.
1. Finney sold and delivered $12,000 of merchandise to LJ Enterprises, terms 2/10, n30.
2. LJ Enterprises also ordered an additional $5,000 worth of goods on the last day of the month.
3. Finney lent $1,000 to its company president who promised to repay the loan on the 15th day of the next month.
4. Finney sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2,500 promissory note to Finney agreeing to pay for the sheds in 3 months.
5. Other current assets totaled $50,000.
Finney received no cash arising from the above transactions during March. Compute the percentage Accounts Receivable is of the total current assets as of month end.
Answer
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