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LeMinton Company expects the following credit sales for the first five months of the year: January, $37,000; February, $52,000; March, $42,000; April, $48,000, May $52,000.
LeMinton Company expects the following credit sales for the first five months of the year: January, $37,000; February, $52,000; March, $42,000; April, $48,000, May $52,000. Experience has shown that payment for the credit sales is received as follows: 60% in the month of sale, 25% in the first month after sale, 10% in the second month after sale, and the remainder is uncollectible.
How much cash can LeMinton Company expect to collect in March as a result of credit sales (current and past)?
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