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Business, 02.07.2020 01:01 xxmattieboo7xx

Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company’s budgeted balance sheet for June 30.

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Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120...
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