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KAB, Inc., a small retail store, had the following results of operations for May. The budget for June and July are also given.
Sales are collected 80 percent in the month of the sale and the balance in the month following the sale. The goods contained in cost of sales were purchased in the month prior to the month of sale, and vendor payment is in the month following the sale. All other cash expenses are paid in the month of the sale.The amount of cash collected during the month of June will be:
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