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Make an expected cash collection budget for the month

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Reference no: EM132543247

The LePann Company has started a new business and obtained the following sales forecast data :

                                                                  July         August      September       October

Cash Sales.................................. $ 80,000     $ 70,000         $ 50,000        $ 60,000

Credit Sales ............................. $ 240,000        $220,000         $180,000        $200,000

The regular pattern of the collection of credit sales is 20% in the month of sale, 70% in the month following the month of sale and the reminder in the second month following the month of sale. There are no bad debts.

Question 1: Make an expected cash collection budget for the month of July, August, September and for the quarter

Reference no: EM132543247

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