Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first
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Question:
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $237,000, $311,000, and $427,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale.
The cash collections in November are
a. $106,750
b. $481,080
c. $400,900
d. $224,175
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