Spicer & Co has budgeted its credit sales as follows: June July August September October...
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Spicer & Co has budgeted its credit sales as follows: June July August September October November $ 600,000 $ 600,000 $ 800,000 $ 1,200,000 $ 1,400,000 $ 1,600,000 Collections of credit sales are normally as follows: Collected within 30 days of the end of the month of sale: Collected in 30-60 days: Collected in 60-90 days: Uncollectible: 30% 15% 5% $960,000 $1,160,000 $330,000 $1,400,000 none of the options 50% The cash balance on 1st October is expected to be $200,000. Cash payments are expected to total $800,000 each month for July to November. The cash balance at the end of October is expected to be
Spicer \& Co has budgeted its credit sales as follows: Collections of credit sales are normally as follows: Collected within 30 davs of the end of the month of sale: 50% The cash balance on 1st October is expected to be $200,000. Cash payments are expected to total $800,000 each month for July to November: The cash balance at the end of October is expected to be $960,000 $1,160,000 $330,000 $1,400,000 none of the options
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