Question: Spire Industries is preparing a budget for the first three months of the year. Spire collects 25% of its accounts receivable in the month of

Spire Industries is preparing a budget for the

Spire Industries is preparing a budget for the first three months of the year. Spire collects 25% of its accounts receivable in the month of the sale and 75% in the month following the sale. Sales on account are budgeted at $350,000 for January, and cash collections from sales on account are budgeted at $378,000 for February. What are Spire's budgeted sales on account for the month of February? $308,000 $346,500 $462,000 $423,500 None of the above

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