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Home Q & A Board Other Fields Homework Help Business Accounting
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johnboycs johnboycs
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A year ago
Starfish Industries' sales budget for the first quarter of the upcoming year shows budgeted sales of $325,000, $350,000, and $310,000 in January, February, and March, respectively. All sales are made on credit. The cash receipts budget for March shows total cash receipts equal to $296,780. Starfish grants a discount to customers who pay within 10 days of the invoice. Starfish collects 60% of sales within the discount period, 20% in the month of sale but outside the discount period, 15% in the month following sale and the remainder is uncollectible. What is the discount offered by Starfish, and what are the cash collections in March associated with March sales?

▸ 1.5%; $183,210

▸ 2%; $182,280

▸ 1.5%; $245,210

▸ 2%; $244,280
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Managerial Accounting

Managerial Accounting


Edition: 4th
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p071304p071304
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A year ago
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johnboycs Author
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A year ago
this is exactly what I needed
jaray75
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Yesterday
Smart ... Thanks!
gage
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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