Experience has shown that 50% of the Karaskiewicz Company's sales are for cash. The rest...
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Accounting
Experience has shown that 50% of the Karaskiewicz Company's sales are for cash. The rest are on credit with 70% of the credit sales are collected in the month of sale, 20% in the month following sale, and 5% in the second month following sale. The remaining credit sales are expected to be uncollectible. The company's sales budget for the year included budgeted sales of $140,000 in January, $120,000 in February, and $160,000 in March. Total cash receipts in March would be budgeted to be:
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