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The following details have been obtained from the receivable's records of DEF Company:
1. Invoices paid in the month after the sale: 70%
2. Invoices paid in the second month after sale: 15%
3. Invoices paid in the third month after sale: 10%
4. Bad debts: 5%
Credit Sales each month
Jan 45,000.00
Feb 65,000.00
Mar 72,000.00
Apr 85,000.00
May 120,000.00
Customers paying in the month after the sale are allowed a 10% discount. Invoices for sales are issued on the last day of the month in which the sales are made. The budgeted credit sales for the first five months of this year are:
Required:
Problem 1: What are the total budgeted receipts for May from credit sales?
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