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East Company budgeted the following credit sales during the current year: August$90,000September,$100,000; October,$110,000; November,$90,000; December,$100,000. Experience has shown that cash from credit sales is received
East Company budgeted the following credit sales during the current year:
August$90,000September,$100,000; October,$110,000; November,$90,000; December,$100,000.
Experience has shown that cash from credit sales is received as follows:
30%in the month of sale,(All collections in the month of sale are subject to1 percent cash discount.)
50%in the first month after sale,
17%in the second month after sale, and
3%is uncollectible.
Required:
How much total cash can East Company expect to collect in November?
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