Budgeting Cash Collections Lowell Consulting, which sells on terms 2/10, n/30, had credit sales for...
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Budgeting Cash Collections Lowell Consulting, which sells on terms 2/10, n/30, had credit sales for March and April of $200,000 and $180,000, respectively. Analysis of Lowells operations indicates that the pattern of customers payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 40% 25% 65% In month of following sale 20% 10% 30% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers accounts in April. $Answer
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