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Pacific Place has developed the following sales forecast for the following months.   Month   Sales May $500,000 June $650,000 July $380,000 August $300,000               The collection policy for customers is:               40 percent in the month of sale             60 percent in the following month after sale       How much is the expected total cash collections from customers in June?   Multiple Choice   $610,000   $260,000   $590,000   $560,000   $300,000

Pacific Place has developed the following sales forecast for the following months.   Month   Sales May $500,000 June $650,000 July $380,000 August $300,000               The collection policy for customers is:               40 percent in the month of sale             60 percent in the following month after sale       How much is the expected total cash collections from customers in June?   Multiple Choice   $610,000   $260,000   $590,000   $560,000   $300,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pacific Place has developed the following sales forecast for the following months.

 

Month

 

Sales

May

$500,000

June

$650,000

July

$380,000

August

$300,000

 

            The collection policy for customers is:

 

            40 percent in the month of sale

            60 percent in the following month after sale

 

    How much is the expected total cash collections from customers in June?

 

Multiple Choice
  •  
    $610,000
  •  
    $260,000
  •  
    $590,000
  •  
    $560,000
  •  
    $300,000
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