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All sales at Heritage Company are made on credit. Experience has shown that 70% of the accounts receivable are collected in the month of the sale, 26% are collected in the month following the sale, and the remaining 4% are uncollectible. Actual sales for March and budgeted sales for the following four months are given below:

March (actual sales)............ $200,000
April................................... $300,000
May.................................... $500,000
June.................................... $700,000
July..................................... $400,000

Compute the amount of cash, in total, which the company can expect to collect in May.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945171

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