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Carlton Group has given you the following information about their estimated sales for the first quarter of next year. Carlton is going to purchase some
Carlton Group has given you the following information about their estimated sales for the first quarter of next year. Carlton is going to purchase some new equipment February 1st for $30,000 and this will greatly improve the quality of the product they are selling. As a result, they increase the selling price of their product starting February 1st.. Carleton sells their product on account. 50% of customers pay in the same month as the sale. The remainder is received the following month. Accounts receivable at December 31 is $50,000 Required: Prepare a Sales Budget and Cash Collections for the 3 months starting January (Quarter 1). What is the Accounts receivable at the end of March
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