Harry Potter is about to prepare his cash budget. Harry expects to have sales of...
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Harry Potter is about to prepare his cash budget. Harry expects to have sales of $40,000 in February, $25,000 in March, and $25,000 in April. If 30% of sales are for cash, 50% are credit sales paid in the month after the sale, and another 20% are credit sales paid 2 months after the sale, what are the expected cash receipts for April? (Hint - doing a small chart would be helpful)
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