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Problem - Jackson Company has developed the following sales projections for the calendar year:
May $102,000
June 122,000
July 142,000
August 162,000
September 152,000
October 132,000
Normal cash collection experience has been that 50% of sales is collected during the month of sale and 45% in the month following the sale. The remaining 5% of sales are never collected. Compute Jackson's budgeted cash collections for the third calendar quarter?
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