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How much are estimated cash receipts in may

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Reference no: EM132418440

X Ltd. reported sales as follows:

January (actual) February (actual) March (actual) April (estimate) May (estimate)

$580,000 $600,000 $450,000 $700,000 $670,000

20% of sales are for cash. Assume the collection pattern for credit sales is as follows: 20% in the month of sale, 50% in the following month, and 30% in the month after that.

  1. How much are estimated cash receipts in May?
  2. How much is the estimated balance of accounts receivable at the end of May?

Reference no: EM132418440

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