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Morris Company reports the following budgeted credit sales: September, $110,000; October, $132,000; and November, $160,000. If the company collects 60% of credit sales in the

Morris Company reports the following budgeted credit sales: September, $110,000; October, $132,000; and November, $160,000. If the company collects 60% of credit sales in the first month after the sale and 35% in the second month after the sale, Morris Company will have cash receipts of $117,700 in November.

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