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15. Red Barn has estimated quarterly sales, starting with Quarter 1, of $42,600, $45,300, $44,800, and $42,700. Purchases are equal to 71 percent of the
15. Red Barn has estimated quarterly sales, starting with Quarter 1, of $42,600, $45,300, $44,800, and $42,700. Purchases are equal to 71 percent of the following quarters sales. The accounts receivable period is 30 days and the accounts payable period is 45 days. Assume there are 30 days in each month. By how much will the firms collections exceed its payments for Quarter 3?
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