XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent

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XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent in the month following sale, and 5 percent in the second month following the sale. Its sales budget is as follows:

Compute XYZ Company's total cash collections in July and its total cash collections inAugust.

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 23, 2012 03:43 AM

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XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent

Question:

Month May June July August Cash Sales e aes S 40,000 60,000 80,000 100,000 $20,000 40,000 60,000 80,000

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July August Cash sales 60000 80...View the full answer

Principles of Accounting

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