Mikail Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be...
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Mikail Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $900,000 in October, $960,000 in November, $1,035,000 in December, and $934,000 in January. Mikail's sales are 30% cash and 70% credit. The company's collection history indicates that credit sales are collected as follows: 25% in the month of the sale 60% in the month after the sale 8% two months after the sale 7% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales
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