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Required information [The following information applies to the questions displayed below.] On October 1 of the current year, Molloy Corporation prepared a cash budget for
Required information [The following information applies to the questions displayed below.] 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) $ 37,000 $ 47,000 $ 22,000 $ 67,000 $ 57,000 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. Budgeted collections from customers in October total
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