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5. McNulty & Agnes, Inc. has projected sales to be $260,000

in June, $270,000 in July and $300,000 in August. The company expects to collect 25% of a month's sales in the month of sale, 60% in the month following the sale, and 15% in the second month following the sale. The budgeted Accounts Receivable balance, shown on the Balance Sheet, as of August 31st would be:
a. $140,500
b. $219,000
c. $237,000
d. $257,600
e. None of the above. The correct answer is: 

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McNulty & Agnes, Inc. has projected sales to be $260,000 in June, $270,000 in July and $300,000 in August. The company expects to collect 25% of a...
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