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Assume that all units are sold on account for $14.15 each. Cash collections from sales are budgeted at 50% in the month of sale, 30%
Assume that all units are sold on account for $14.15 each. Cash collections from sales are budgeted at 50% in the month of sale, 30% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. Accounts receivable on April 1 totaled $511,000 ($91,000 from February's sales and $420,000 from March's sales) show a schedule for each month showing budgeted cash receipts for Clay Corporation
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