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Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000...

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Question

Accounting

Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from credit sales during the month of May.

Multiple Choice

  • $730,400.

  • $829,200.

  • $983,200.

  • $769,200.

  • $1,053,200.

Answer & Explanation Solved by verified expert
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