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On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on
On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on account. The following information was used in preparing estimated cash collections: August sales (actual) September sales (actual) October sales (estimated) November sales (estimated) December sales (estimated) $ 44,000 $ 54,000 $ 24,000 $ 74,000 $ 64,000 Approximately 65% of all sales are collected in the month of the sale, 20% is collected in the following month, and 15% is collected in the month thereafter. dgeted collections from customers in October total: Multiple Choice $122,000. $26,400. $41,400. $33,000
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