Exercise 14.13 Cash receipts budget Fox Trail Center's sales are all made on account. The...
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Exercise 14.13 Cash receipts budget Fox Trail Center's sales are all made on account. The firm's LO 4,7 collection experience has been that 30% of a month's sales are collected in the month the sale is made, 50% are collected in the month following the sale, and 18% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows: Chapter 14 Cost Planning May June July August $240,000 280,000 300.000 350.000 Required: Calculate the cash collections that would be included in the cash budgets for July and August
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