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Question - Sales on account for the first two months of the current year are budgeted as follows:
Jan. $902,000
Feb. 901,000
All sales are made on terms of 2/10, n/30 (2% discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows:
Collections within the month of sale:
Within discount period 60%
After discount period 15
Collections within the month following sale:
Within discount period 15
After discount period 7
Returns, allowances, and uncollectibles 3
Total 100%
Compute the estimated cash collections on accounts receivable for the month of February.
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