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On March 31, 2007, Mike's Bike Shop had outstanding accounts receivable of $17,500. Mike's sales are roughly evenly split between credit and cash sales, with the credit sales collected half in the month after the sale and the remainder 2 months after the sale. Historical and projected sales for the bike shop are given: Month Sales Month Sales January $15,000 March $25,000 February 20,000 April (projected) 30,000 a. Under these circumstances, what should the balance in accounts receivable be at the end of April? b. How much cash did Mike's real
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