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Accounting

Problem:

Diamond Window Corp.'s sales, half of which are for cash, over the past three months were

March- $140,000
April- $240,000
May- $160,000

Requirement:

Question 1: Estimate cash receipts in May if the collection period is 60 days.

Question 2: Estimate cash receipts in May if the collection period is 45 days.

Question 3: What would be the May balance of Account Receivable for Diamond Window if the company's collection period is 60 days? 45 days?

Note: Show supporting computations in good form.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91170556

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