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Wright Corporation began its operations on September 1 of the current year Budgeted sales for the first three months of business are $240000 $300000 and $420000 respectively for September

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in September from accounts receivable are: a. $240,000 b. $134,400 c. $192,000 d. $168,000

Apr 06 2020 View more View Less

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