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Crane Company's budgeted sales and direct materials purchases are as follows: Crane's sales are 40% cash and 60% credit. Credit sales are collected 20% in
Crane Company's budgeted sales and direct materials purchases are as follows: Crane's sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Crane's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase. (a) Prepare a schedule of expected collections from customers for April, May, and June
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