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Brooks/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $41. Brooks/Neff collects cash at the time of sale from 35
Brooks/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $41. Brooks/Neff collects cash at the time of sale from 35 percent of customers. Of the remaining sales, 68 percent are collected in the month of sale and 32 percent are collected in the month following the sale. The sales budget for the first six months of the year is as follows: Prepare Brooks/Neff's cash receipts budget for the second quarter. Calculate the accounts receivable balance at the end of second quarter
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