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MANAGEMENT ACCOUNTANCY FORUM | M07 Budgeting | November 1-5, 2022 At All Sections 1.-For a merchandising company, explain how total budgeted sales are determined. 2.-How is depreciation accounted for on the cash payments budget? 3.-Daija, a merchandising company, has provided the following extracts from their budget for the first quarter of the forthcoming year: Terms Jan Feb March Sales (20\% $450000$600000$800000 cash) The company collects 70% of credit sales in the same month and the balance in the next month. Calculate the collections from the customers for the month of February