E5-73. (Learning Objective 1: Show how to speed up cash from receivables) Patterson Shirt Company sells on credit and manages its own receivables. Average experience for the past three years has been the following: Cash Credit Total Sales........ $250,000 $250,000 $500,000 Cost of goods sold....... 125,000 125,000 250,000 Uncollectible-account expense. - Other expenses.. 82,500 18,000 82,500 165,000 18,000 The owner of Patterson is considering whether to accept credit cards (Visa and Mastercard) instead of granting credit to customers. If Patterson were to accept credit cards, the owner expects total sales to increase by 10% but cash sales to remain unchanged. Further, if Patterson were to accept credit cards, the business can save $9,000 on other expenses, but the credit card processors charge 3% on credit card sales