The following sales have been budgeted for Party Company: April...$120,000 May$100,000 June....$110,000 Party Companys has...
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The following sales have been budgeted for Party Company: April...$120,000 May$100,000 June....$110,000 Party Companys has experienced the following collection pattern: 25% of the sales are collected in the month of sale, 65% in the month following the sale, and 5% in the second month following the sale. The remainder is uncollectible. Budgeted cash collections in June would be: a. $27,500. b. $98,500. c. $71,000. d. $115,500.
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