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What are the cash receipts for November

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Reference no: EM133068776

Question - Correy Inc. reported the following information:

 

October

November

December

Budgeted sales

$460,000

$440,000

$540,000

Budgeted purchases

$240,000

$256,000

$288,000

All sales are on credit.

Customer amounts on account are collected 50% in the month of sale and 50% in the following month.

Cost of goods sold is 35% of sales.

Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.

Accounts payable is used only for inventory acquisitions.

Required - What are the cash receipts for November?

Reference no: EM133068776

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