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Determine the amount of accounts receivable reported

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Problem - Kingston anticipates total sales for June and July of $330,000 and $448,000, respectively. Cash sales are normally 65% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 70% are collected during the first month after the sale, and he remaining 10% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31.

Reference no: EM132887991

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