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Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $400,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,250,000. Ross collects
70% of sales in the month of sale;
20% in the following month;
and the final 10% in the second month after the sale.
Question 1: What are Ross's budgeted collections for July?
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