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Question - Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following information has been gathered for Page's first year of operations:
Month
1
2
3
4
Total sales
$60,000
$70,000
$50,000
$30,000
Required - Determine the total cash receipts in Month 3?
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