Calculating Cash Receipts
Refer to information in E9-4 for Rainwater Corp. It expects the following unit sales for the third quarter:
July | 525 |
August | 490 |
September | 450 |
Sixty percent of Rainwater’s sales are cash. Of the credit sales, 50 percent is collected in the month of the sale, 45 percent is collected during the following month, and 5 percent is never collected.
Required:
Calculate Rainwater’s total cash receipts for August and September.
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