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Question - Lucky Food Stores wishes to make a cash budget for the month of April, 2022. Total Sales for February (actual), March and April (estimated) are as follows:
Month
Total Sales
February
$48,000
March
40,000
April
45,000
The total budgeted purchases (paid entirely in cash) for April is $22,000. The expenses for April are expected to be $9,500 including $1,000 for depreciation on machinery.
All sales are on credit, and the company's experience shows that, on the average, 80 percent of sales are collected in the month of sale, 15% on the month following sale and the balance two months after sale
Required - What is the budgeted cash collections for April 2022.
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