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Show short work! Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $50,000 $150,000 August

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Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $50,000 $150,000 August September..$45,000 130,000 . $55,00 $170,000 October. November$60,000 December.$80,000 $350,000 $50,000 $145,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale 26. What is the budgeted accounts receivable balance on December 1? A. $80,000 B. $140,000 C. $94,500 D. $131,300

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