Sunday Corporation began its operations on September 1 of the current year. Budgeted sales for...
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Sunday Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $300,000 and $420,000, respectively, for September, October and November. The company expects to sell 20% of its merchandise for cash. Of sales on account,70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. Refer to the information provided for Benjamin Corporation. The cash collections from accounts receivable in September are:
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