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Receivables

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Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale. If sales for October, November, and December were $61,000, $51,000, and $41,000, respectively, what was the budgeted receivables balance on December 31?

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All Sales from October will be collected prior to December 31. ...

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