Dragon makes all sales on account,subject to the following collection pattern: 30% are collected in the month of sale;60% are collected in the first month after sale;and 10% are collected in the second month after sale.If sales for June,July,and August were $120,000,$160,000,and $220,000,respectively,what were the firm's budgeted collections for August and the company's budgeted receivables balance on August 31? 
A) Choice A
B) Choice B
C) Choice C
D) Choice D
E) Choice E
Correct Answer:
Verified
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