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Type your answer in the box. A merchandising company's sales budget indicates the following sales: January:...

Type your answer in the box. A merchandising company's sales budget indicates the following sales: January: $30,000: February $20,000: March: $15,000. The company expects 80% of the sales to be on account. Credit sales are collected 30% in the month of the sale and 70% in the month, following the sale. The total cash receipts collected during March will be $ __________.
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Answer #1

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--Correct Answer = $ 17,800

Collection in March from:
March Cash Sales [15000 x 20%] $3,000
February Credit sale [$ 20000 x 80% x 70%] $11,200
March Credit sale [$ 15000 x 80% x 30%] $3,600
Total Cash receipts collected during March $17,800= Answer
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