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Mitchell Company had the following budgeted sales for the last half of last year:

	Cash Sales	Credit Sales
July	$70,000	$170,000
August	$75,000	$190,000
September	$54,000	$150,000
October	$59,000	$154,000
November	$69,000	$220,000
December	$100,000	$440,000

The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:

Collections on credit sales:

40% in month of sales

30% in month of following sales

30% in second month following sales

What is the budgeted accounts receivable balance on December 1?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9946532

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