Calculating Cash Receipts
Wright Company makes 75 percent of its sales in cash. Credit sales are collected as follows: 65 percent in the month of sale and 35 percent in the month following the sale. Wright’s budgeted sales for upcoming months follow:
June | $22,500 |
July | 25,000 |
August | 23,000 |
September | 21,000 |
Required:
Compute Wright’s expected cash receipts for August.
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