Sales are 20% cash, 65% credit card, and the remainder Acconts Receivable. Payments on the Accounts Receivable are collected as follows: 20% in the month of sale, 65% in the month following sale and the remainder in the second month following sale. For the December 31 Accounts Receivable balance, $34,050 will be collected in January and $6,300 will be collected in February. We will collect 6% sales tax on all sales. There will be a 2% sales discount on Accounts Receivable sales collected in the month of sale. (calculate discount on the sale + sales tax

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Collection criteria: 20% cash and 65% credit card sales The remainder of sales are A/R sales - 20% collected in the month of sale (less 2% discount), 65% collected in month after sale, remaining 15% collected in the 2 nd month after sale