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Prepare a schedule indicating cash collections from sales

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Reference no: EM132040716

Question - Mann Company was organized on March 1 of the current year. Projected sales for each of the first three months of operation are as follows:

March $640,000

April $720,000

May $900,000

The company expects to sell 20% of its merchandise for cash. Of the sales on account, 50% are expected to be collected in the month of sale, 30% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for March, April, and May.

Reference no: EM132040716

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