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Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

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Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 7.00

Lawrence, Inc

Lawrence, Inc., found that about 10 percent of its sales during the month were for cash. Lawrence has the following accounts receivable payment experience:

Percent paid in the month of sale 30%

Percent paid in the month after the sale 60% Percent paid in the second month after the sale 7%

Lawrence’s anticipated sales for the next few months are

April	$200,000
May	240,000
June	230,000
July	246,000
August	250,000

Required

1. Calculate credit sales for May, June, July, and August.

2. Prepare a cash receipts budget for July and August.

Answers

Maurice Tutor

(5)

Status NEW Posted 24 Aug 2017 10:08 PM My Price 7.00

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