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Richards Corporation has the following budgeted sales for the first half of next year: Credit...

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Accounting

Richards Corporation has the following budgeted sales for the first half of next year: Credit Sales January $350,000 February $200,000 March $145,000 April $130,000 May $170,000 June $150,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale The total cash collected during April would be: Group of answer choices $144,000 $141,500 $154,000 $176,500.

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