A company is working on their budgets for the year 2021. The table below has...
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Accounting
A company is working on their budgets for the year 2021. The table below has a few of their expectations for 2021.
Accounts Receivable on January 1$49,203Sales in January$53,001Sales in February$56,881Sales in March$76,785Sales in April$79,508Historically, this company's collection pattern for sales has been 20% as cash sales and 80% on account. The sales on account get collected 52% one month following the sale and the remainder two months following the sale.
The Accounts Receivable on January 1 is the result of credit sales in December 2020 and thus is expected to be collected according to the sales on account pattern (52%/48%).
How much should this company expect in Cash Collections for the month of January? (round to the nearest whole dollar/input code 0)
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