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Working Capital Management

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Schoof Inc. expects to have sales of $30,000 in January, $35,000 in February, and $40,000 in March. If 20% of sales are for cash, 40% are credit sales paid in the month following the sale, and another 40% are credit sales paid 2 months following the sale, what are the cash receipts for the firm in March?

A. $29,151
B. $30,685
C. $32,300
D. $34,000
E. $35,700

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