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All of Porter Corporation's sales are on account. Fifty-five percent of the credit sales are collected in the month of sale, 30% in the month
All of Porter Corporation's sales are on account. Fifty-five percent of the credit sales are collected in the month of sale, 30% in the month following sale, and 10% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data for the company: January $500,000 February $764,000 March $566,000 April $710,000 Total sales Cash receipts in April are expected to be: $390,500 O $560,300 O $636,700 O $246,200
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