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Schedule of cash collections Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern: Collected in the month of sale 60% Collected in the month following sale 35 Uncollectible

a. Prepare a schedule of cash collections for May through July.

b. Compute the expected balance in Accounts Receivable as of July 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9988507

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