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Below is Timberland's sales budget for the third quarter: Cash sales Credit sales July $ 110,000 110,000 $ 220,000 August $ 91,000 109,200 $ 200,
Below is Timberland's sales budget for the third quarter: Cash sales Credit sales July $ 110,000 110,000 $ 220,000 August $ 91,000 109,200 $ 200, 200 September $ 93,000 102,300 $ 195,300 Total The company estimates that 5% of credit sales are uncollectible. Of the collectible credit sales, 60% are collected in the month of sale and the remaining 40% are collected in the following month of sale. The company offers a cash discount of 1.5%. Of the cash collected from credit sales, 75% is qualified for the discount. Required: Calculate the budgeted total cash receipts for August and September. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) August September Total cash receipts
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