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Estimate cash receipts for each month of the first quarter

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Reference no: EM132861757

Question - The Marx Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:

January $176,000

February $187,000

March $199,600

Credit sales in December 2020 are expected to be $220,000. The company expects to collect 60 percent of a month's sales in the month of sale and 40 percent in the following month.

Required - Estimate cash receipts for each month of the first quarter of 2021.

Reference no: EM132861757

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