The following in the sales budget for a company for the first quarter of 2020:...
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The following in the sales budget for a company for the first quarter of 2020: January February March Sales budget $ 211,000 $231,000 $254,000 Credit sales are collected as follows: 75 percent in the month of the sale 20 percent in the month after the sale 5 percent in the second month after the sale The accounts receivable balance at the end of the previous quarter was $95.000 ($65,000 of which was uncollected December sales). 1. Calculate sales for November and December 2. Calculate cash collection from sales in January
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