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McEwen Company has budgeted the following credit sales during the last four months of the year: September, $16,000; October, $22,000; November $21,000; December, $24,000. Experience
McEwen Company has budgeted the following credit sales during the last four months of the year: September, $16,000; October, $22,000; November $21,000; December, $24,000. Experience has shown that payment for the credit sales is received as follows: 20% in the month of sale, 55% in the first month after sale, 20% in the second month after sale, and 5% uncollectible. How much cash can McEwen Company expect to collect in November as a result of credit sales? $15,300 $19,500 $16,300 $19,750
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