Morrow corporation makes all sales on account the june 30th

Reference no: EM13589626

Morrow 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. Morrow 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.

Reference no: EM13589626

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