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Prepare a schedule indicating cash collections for august

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Reference no: EM131977465

Problem

Star Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows:

August $250,000
September 200,000
October 275,000

The company expects to sell 50% of its merchandise for cash. Of the sales on account, 30% are expected to be collected in the month of the sale and the remainder in the following month.

Prepare a schedule indicating cash collections for August, September, and October.

Reference no: EM131977465

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