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Given the following Information, budgeted cash receipts In February are January February March April Sales $128,000 118,000 133,000 138,000 Purchases $86,000 74,000 89,250 92,500 Expenses
Given the following Information, budgeted cash receipts In February are January February March April Sales $128,000 118,000 133,000 138,000 Purchases $86,000 74,000 89,250 92,500 Expenses $24,800 25,000 27,800 29,400 Sales are collected 50% In the month of sale, 20% In the month following sale, and 29% In the second month following sale. One percent of sales is uncollectible and expensed at the end of the year. All purchases are paid for in the month following purchase and take advantage of a 1% discount. The following balances are as of January 1: Cash Accounts receivable Accounts payable $96,000 66,000 80,000 of this balance, $26,400 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $5,800 of depreciation. The expenses are paid in the month incurred. 0 $84.600. 0 $88.600. 0 $123,290. 0 O $123.840. 0 $124,200
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