Thornton, Inc. has budgeted sales for the months of September and October at $304,000 and...
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Thornton, Inc. has budgeted sales for the months of September and October at $304,000 and $274,000, respectively. Monthly sales are 20% credit and 80% cash. Of the credit sales, 50% are collected in the month of sale, and 50% are collected in the following month. Calculate cash collections for the month of October. A. $246,600 B. $273,600 C. $277,000 D. $301,000
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