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How much cash will be collected in march

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Question - Teddy Bear Company forecasts to begin business on January 1, Year 1. Teddy has forecasted the following sales budget for the first quarter of Year 1:

 

January

February

March

First Quarter

Budgeted Sales

$200,000

$250,000

$300,000

$750,000

Teddy wants to forecast monthly cash collections based on the following estimates:

Collections on account:

70% in the month of sale

20% in the month following sale

6% in the second month following sale

Uncollectible accounts have averaged 4% of receivables. The company gives a 2% discount for payments made by customers during the month of sale. How much cash will be collected in March?

Reference no: EM133185772

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