Borges Distributors has $296,000 in accounts receivable on January 1st, 2010. Budgeted sales for January are $860,000. Borges expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales would be?

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To answer this question first we have to calculate the cash sales and then the collection ... View the full answer