Harrington makes all sales on account, subject to the following collection pattern: 20% are collected...
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Accounting
Harrington makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for June, July, and August were $80,000, $120,000, and $110,000, respectively, what were the firm's budgeted collections for August and the company's budgeted receivables balance on August 31?
August Collections
August 31 Receivables Balance
A.
$
106,000
$
126,000
B.
$
114,000
$
100,000
C.
$
114,000
$
94,000
D.
$
206,000
$
100,000
E.
None of these options is correct.
or August and the company's budgeted receivables balance on August 31?
Multiple choice
A.
B.
C.
D..
E. None of these options is correct.
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