Kingston anticipates total sales for June and July of $440,000 and $468,000, respectively. Cash sales...
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Kingston anticipates total sales for June and July of $440,000 and $468,000, respectively. Cash sales are normally 70% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the companys budgeted balance sheet as of July 31.
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