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Accounting

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

Cash Sales Credit Sales
July $60,000 $160,000
August $65,000 $180,000
September $55,000 $140,000
October $60,000 $155,000
November $70,000 $210,000
December $90,000 $450,000

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:
45% in month of sales
35% in month of following sales
20% in second month following sales

What is the budgeted accounts receivable balance on December 1?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9430298

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