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Simmons Brick Company has gross sales for the year of $1,216,668 and the sales are distributed evenly across the twelve months. The collections department estimates that 50 percent of the customers pay in the month of sale; 35 percent pay the next month; and the remaining 15 percent pay two months after purchase.

1. Calculate the days sales outstanding for the fourth quarter (October-December, assuming 30 days in each month).

2. Complete an aging schedule for the fourth quarter.

3. Complete an uncollected balances (payments pattern) schedule for the fourth quarter.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92328052

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