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Memphis Company anticipates total sales for April, May, and June of $900,000, $1,000,000, and $1,050,000...

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Accounting

Memphis Company anticipates total sales for April, May, and June of $900,000, $1,000,000, and $1,050,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are collected in the second month after the sale. Compute the amount of accounts receivable reported on the companys budgeted balance sheet for June 30.

Multiple Choice

$676,000.

$912,000.

$546,000.

$586,000.

$984,000.

Answer & Explanation Solved by verified expert
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