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Home Q & A Board Other Fields Homework Help Business Accounting
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lollie614 lollie614
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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 $306,840. 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, 20% in the month following sale. What is the discount offered by Starfish, and what is the Accounts Receivable balance that will be reported in the March 31 pro-forma balance sheet?

▸ 6%; $62,000

▸ 6%; $73,160

▸ 4%; $70,000

▸ 4%; $73,160
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Managerial Accounting

Managerial Accounting


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onidonid
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