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Preparing Schedule of Cash Receipts

Getty Company expects sales for the first three months of next year to be $180,000, $265,000 and $305,000, respectively. Getty expects 20 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 10 percent in the month of the sale and 90 percent in the following month.

Compute a schedule of Getty's cash receipts for the months of February and March.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92747253

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