Find cash receipts for each month of first quarter

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Reference no: EM132741227

The Penny Worth Antique Mall budgeted credit sales in the first quarter of 2018 to be as follows:

January $141,000

February 150,000

March 160,000

Credit sales in December 2017 are expected to be $194,000. The company expects to collect 95 percent of a month's sales in the month of sale and 5 percent in the following month.

Problem 1: Estimate cash receipts for each month of the first quarter of 2018.

Reference no: EM132741227

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