The Warrenburg Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:
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The Warrenburg Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:
January..................$160,000
February..................170,000
March......................182,000
Credit sales in December 2020 are expected to be $200,000. The company expects to collect 70 percent of a month’s sales in the month of sale and 30 percent in the following month.
Required
Estimate cash receipts for each month of the first quarter of 2021.
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January February March Collection of credit sales Coll...View the full answer
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