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Each unit sells for $250 January 16,000 February March April May June July 13,000 16,000 17,000 18,000 19,000 14,000 Your cash collections are 60% during the month of sale, 22% the next month and 12% two months later, 5% three months later and you never collect 1% Prepare a cash collections budget for April, May and June

Each unit sells for $250 January 16,000 February March April May June July 13,000 16,000 17,000 18,000 19,000 14,000 Your cash collections are 60% during the month of sale, 22% the next month and 12% two months later, 5% three months later and you never collect 1% Prepare a cash collections budget for April, May and June

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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Each unit sells for $250 January 16,000 February March April May June July 13,000 16,000 17,000 18,000 19,000 14,000 Your cash collections are 60% during the month of sale, 22% the next month and 12% two months later, 5% three months later and you never collect 1% Prepare a cash collections budget for April, May and June
Transcribed Image Text:Each unit sells for $250 January 16,000 February March April May June July 13,000 16,000 17,000 18,000 19,000 14,000 Your cash collections are 60% during the month of sale, 22% the next month and 12% two months later, 5% three months later and you never collect 1% Prepare a cash collections budget for April, May and June
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