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Memphis Company anticipates total sales for April, May, and June of $940,000, $1,040,000, and $1,090,000...

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Accounting

Memphis Company anticipates total sales for April, May, and June of $940,000, $1,040,000, and $1,090,000 respectively. Cash sales are normally 25% 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 total sales during the month of May.

Multiple Choice

  • $699,750.

  • $959,750.

  • $1,028,500.

  • $664,500.

  • $756,000.

Answer & Explanation Solved by verified expert
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