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How much are estimated cash receipts in may

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Reference no: EM132461547

Question - X Ltd. reported sales as follows:

January (actual)

February (actual)

March (actual)

April (estimate)

May (estimate)

$580,000

$600,000

$450,000

$700,000

$670,000

20% of sales are for cash. Assume the collection pattern for credit sales is as follows: 20% in the month of sale, 50% in the following month, and 30% in the month after that.

Required -

1. How much are estimated cash receipts in May?

2. How much is the estimated balance of accounts receivable at the end of May?

Reference no: EM132461547

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