3. (15 pts.) The following sales budget has been prepared by a company's accounting department: Credit...
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3. (15 pts.) The following sales budget has been prepared by a company's accounting department: Credit Sales $123,000 180,000 Cash Sales Month September $167,000 October 225,000 November 330,000 December 135,000 Collections of credit sales are 50% in the month of sale, 40% in the month following sale, and 10% two months following sale. No uncollectible accounts are expected. What are the estimated cash collections in December? 210,000 190,000 3. (15 pts.) The following sales budget has been prepared by a company's accounting department: Credit Sales $123,000 180,000 Cash Sales Month September $167,000 October 225,000 November 330,000 December 135,000 Collections of credit sales are 50% in the month of sale, 40% in the month following sale, and 10% two months following sale. No uncollectible accounts are expected. What are the estimated cash collections in December? 210,000 190,000
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Answer December December cash sales 135000 Cash colle... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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