months: The Fraley Corporation, a merchandising firm, has planned the following sales for the next...
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months: The Fraley Corporation, a merchandising firm, has planned the following sales for the next four March April May June Total budgeted sales $50,000 $70,000 $90,000 $60,000 Sales are made 40% for cash and 60% on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of sale First month following month of sale 20% second month following month of sale 8% Uncollectible 70% 2% The company requires a minimum cash balance of $4,000 to start a month. Required: a. Compute the budgeted cash receipts for June
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