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Jent Company Reported the Following Information for 2013 \bullet All Sales Are on Credit

Question 161

Essay

Jent Company reported the following information for 2013:

 October  November  December  Budgeted sales $320,000$340,000$360,000 Budgeted purchases $120,000$128,000$144,000\begin{array} { l l l l } & \text { October } & \text { November } & \text { December } \\\text { Budgeted sales } & \$ 320,000 & \$ 340,000 &\$ 360,000 \\\text { Budgeted purchases } & \$ 120,000 & \$ 128,000 & \$ 144,000\end{array}
\bullet All sales are on credit.
\bullet Customer amounts on account are collected 40% in the month of sale and 60% in the following month.
Instructions
Compute the amount of cash Jent will receive during November.

Correct Answer:

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From November sales: $340000 ×...

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