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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) | $ 32,000 |
September sales (actual) | $ 42,000 |
October sales (estimated) | $ 12,000 |
November sales (estimated) | $ 62,000 |
December sales (estimated) | $ 52,000 |
Approximately 60% of all sales are collected in the month of the sale, 30% is collected in the following month, and 10% is collected in the month thereafter.
$86,000. $27,800. $19,800. $23,000.
$116,000. $51,000. $45,000. $40,800.
$51,000. $41,000. $49,800. $126,000. |
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