6

Meredith Company has budgeted sales for the upcoming months as follows Assume that 40 percent of the sales are credit sales, and the remainder are cash sales. Credit sales are collected 50 percent in the month of sale, 40 percent in the month following the sale, and 10 percent in the second month following the sale. Required: a. Compute Meredith Company's budgeted cash receipts for June. Note: Do not round intermediate calculations. b. Compute Meredith Company's budgeted cash receipts for July. Note: Do not round intermediate calculations. c. Compute Meredith Company's budgeted cash receipts for August. Note: Do not round intermediate calculations