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Question - The following information is provided for Stanton Company for January 2009:
1. Credit Sales: Not given
2. Cash sales: $75,000
3. 1/1/09 Merchandise inventory: $65,000
4. Gross margin for January: 53%
5. 1/1/09 Accounts receivable: $44,700
6. Net income: $21,060
7. 1/31/09 Accounts receivable: Not given
Additional Information:
1. All merchandise purchases are on credit
2. Only credit sales to customers are recorded in accounts receivable
Required: If accounts receivable decreased $7,200 and cash collections from customers were $157,200 during January, what was the total credit sales for January?
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