Sales are all made on credit. We expect to receive 70% of the sales in...
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Accounting
Sales are all made on credit. We expect to receive 70% of the sales in the quarter of the sales and the remaining 30% in the quarter after the sale. Accounts Receivable at the end of December last year is $40,000. Budgeted sales include: 1st Quarter $320,000, 2nd Quarter $350,000, 3rd Quarter $400,000 and 4th Quarter $380,000. Determine the amount of cash we expect to receive during the 2nd Quarter.
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