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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 3

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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 3 months of activity are as follows: 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                                                     5

    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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