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Memphis Company anticipates total sales for April, May, and June of $900,000, $1,000,000, and $1,050,000 respectively. Cash sales are normally 20% of total sales. Of
Memphis Company anticipates total sales for April, May, and June of $900,000, $1,000,000, and $1,050,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are collected in the second month after the sale. Compute the amount of accounts receivable reported on the companys budgeted balance sheet for June 30.
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$676,000.
$912,000.
$546,000.
$586,000.
$984,000.
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