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Kennedy Company has the following collection pattern for its accounts receivable:

40 percent in the month of sale
50 percent in the month following the sale
8 percent in the second month following the sale
2 percent uncollectible

The company has recent credit sales as follows:

April: $200,000
May: 420,000
June: 350,000

How much should the company expect to collect on its receivables in June?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939400

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