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The projected or budgeted sales for Elite Accessories Inc. for three months are shown below. The company expects to sell 10% of its merchandise for
| The projected or budgeted sales for Elite Accessories Inc. for three months are shown below. The company expects to sell 10% of its merchandise for cash. Of the sales on account, 60% are expected to be collected in the month of the sale and the remaining 40% in the following month. The accounts receivable balance on January 1 was $370,000. What would be the amount of sales on account for the month of January |
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| JANUARY | FEBRUARY | MARCH |
| Budgeted Sales | $1,080,000 | $1,240,000 | $970,000 |
Answer - $972,000
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The Future Of Audit Keeping Capital Markets Efficient
Authors: Keith Houghton, Christine Jubb, Michael Kend, Juliana Ng
1st Edition
1921666501, 978-1921666506
