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The Warrenburg Antique Mall budgeted credit sales in the first quarter of 2012 to be as follows:January .......$160,000February ........$170,000March ........$182,000Credit sales in December 2011 are expected to be $220,000. The company expects to collect 80 percent of a month's sales in the month of sale and 20 percent in the following month.
Required:
Estimate cash receipts for each month of the first quarter of 2012.
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