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Paradise, Inc., a distributor of suntan lotion, has the following historical collection pattern for its credit sales.
70 percent collected in the month of sale.
15 percent collected in the first month after sale.
10 percent collected in the second month after sale.
4 percent collected in the third month after sale.
1 percent uncollectible.
The sales on account have been budgeted for the last seven months as follows:
April $ 68,000
May 79,000
June 89,000
July 99,000
August 109,000
September 119,000
October 104,000
Required:
Question A. Compute the estimated total cash collections during August from credit sales.
Question B. Compute the estimated total cash collections during the August - October quarter from sales made on account during this quarter.
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