Woodpecker Co. has $304,000 in accounts receivable on January 1. Budgeted sales for January are...
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Woodpecker Co. has $304,000 in accounts receivable on January 1. Budgeted sales for January are $967,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are a. $1,381,600 b. $646,560 c. $862,080 d. $1,077,600
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