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On October 1 of the current year, Molloy Corporation prepared a cash budget for October,...

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Accounting

On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on account. The following information was used in preparing estimated cash collections:

August sales (actual) $ 47,000
September sales (actual) $ 57,000
October sales (estimated) $ 27,000
November sales (estimated) $ 77,000
December sales (estimated) $ 67,000

Approximately 65% of all sales are collected in the month of the sale, 20% is collected in the following month, and 15% is collected in the month thereafter.

Budgeted collections from customers in November total:

Multiple Choice

  • $65,500.

  • $64,000.

  • $161,000.

  • $55,450.

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