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Estimate cash receipts for each month of the first quarter

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Question - The Dynatech Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:

January $128,000

February 136,000

March 145,600

Credit sales in December 2020 are expected to be $160,000. The company expects to collect 60 percent of a month's sales in month of sale and 40 percent in the following month. Estimate cash receipts for each month of the first quarter of 2021.

Reference no: EM132986908

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