On October 1 of the current year, Malone Corporation prepared a cash budget for October,...
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Accounting
On October 1 of the current year, Malone Corporation prepared a cash budget for October, November, and December. All of Malone's sales are made on account. The following information was used in preparing estimated cash collections:
| August sales (actual) | $ | 36,000 | |
| September sales (actual) | $ | 46,000 | |
| October sales (estimated) | $ | 23,000 | |
| November sales (estimated) | $ | 66,000 | |
| December sales (estimated) | $ | 56,000 | |
Approximately 70% of all sales are collected in the month of the sale, 25% is collected in the following month, and 5% is collected in the month thereafter.
Budgeted collections from customers in November total:
Multiple Choice
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$135,000.
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$54,250.
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$51,950.
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$58,850.
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