Solution-Compute amount of accounts receivable reported on

Compute amount of accounts receivable reported on company

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Reference no: EM132979204

Problem 1: Memphis Company anticipates total sales for April, May, and June of $900,000, $1,000,000, and $1,050,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 35% are collected in the same month as the sale, 60% 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.

Multiple Choice

Option 1: $676,000.

Option 2: $912,000.

Option 3: $546,000.

Option 4: $586,000.

Option 5: $984,000.

Reference no: EM132979204

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Compute amount of accounts receivable reported on company

Reference no: EM132979204

Reference no: EM132979204

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