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Justin Company's budget includes the following credit sales for the current year: September, $30,000; October, $41,000; November, $35,000; December, $37,000. Experience has shown that payment
Justin Company's budget includes the following credit sales for the current year: September, $30,000; October, $41,000; November, $35,000; December, $37,000. Experience has shown that payment for the credit sales is received as follows: 10% in the month of sale, 65% in the first month after sale, 23% in the second month after sale, and 2% is uncollectible. How much cash can Justin Company expect to collect in November as a result of current and past credit sales? $35,000. $25,650. $37,050. $39,850. $34,450.
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