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Shimmer Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the
Shimmer Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the additional information) All sales are made on account with 75% of sales made in a quarter collected in the same quarter and 25% collected in the following quarter Calculate the cash collected from receivables in each of the 4 quarters of 2020. (If an input field is not used in the table, leave the input field empty do not enter a zero) Schedule of Cash Collections Accounts receivable balance on 1-1-2020 (Fourth-quarter sales from prior year) From first-quarter 2020 sales From second-quarter 2020 sales From third-quarter 2020 sales From fourth-quarter 2020 sales Total collections Quarters Data table 1 2 3 4 This Accounts receivable (January 1, 2020) Budgeted sales in Quarter 1 (January 3 Budgeted sales in Quarter 2 (April 1 to Budgeted sales in Quarter 3 (July 1 to Budgeted sales in Quarter 4 (October 1
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