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Flounder Development, Inc. has budgeted sales revenues as follows: Budgeted Sales Revenues January $ 53,000...

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Accounting

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Flounder Development, Inc. has budgeted sales revenues as follows: Budgeted Sales Revenues January $ 53,000 February 68,000 March 99.000 April 86,000 May 68,000 June 32.000 Past experience has indicated that 70% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale. 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave any answer field blank. Enter O for amounts.) June Apr Tvray February Sales $ $ Credit Sales March Sales Credit Sales April Sales Credit Sales Cash Sales May Sales N Credit Sales Cash Sales June Sales Credit Sales Cash Sales Total Cash Receipts

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