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Compute the amount of accounts receivable reported

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Question - Memphis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,100,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company's budgeted balance sheet for June 30.

$619,500.

$967,750.

$539,000.

$575,750.

$1,038,750.

Reference no: EM132198346

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