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Memphis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,100,000 respectively....

Memphis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,100,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company’s budgeted balance sheet for June 30.

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Answer #1

Answer: $575,750

Memphis Company Accounts Receivable at june 30: May sales $735,000 * 5% = June sales $770,000 * (65% +5%) = Total Accounts re

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