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A company is preparing its cash budget for next year. The accounts receivable at the beginning of next year are expected to be £240,000. The budgeted sales are £3,000,000 and will occur evenly throughout the year. 75% of the budgeted sales will be cash and the remainder will be on credit. Credit customers pay in the month following sale.
Problem 1: The budgeted total cash receipts from customers next year are:
Select one:
A. £3,052,500
B. £2,990,000
C. £3,040,000
D. £2,490,000
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