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Question - The following budget information pertains to Flores Corp:
Month Sales
July $300,000
August 340,000
September 380,000
October 420,000
November 480,000
Cash is collected from customers in the following manner:
Month of sale 30%
Month following sale 50%
Two months following sale 15%
Amount uncollectible 5%
Purchase costs are 70% of Sales.
Purchase terms are 2/15, net 30.
Flores's policy is to take advantage of all discounts for early payments.
40% of purchases are paid for in cash in the month of purchase, and the remaining balance is paid the following month.
Required - Calculate the budgeted cash disbursements for September. Calculate intermediate calculations to two decimals, round solution to dollars.
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