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Crane needs to calculate the company's expected cash receipts for the upcoming month to determine whether additional financing is needed. Typically, the company's sales consist
Crane needs to calculate the company's expected cash receipts for the upcoming month to determine whether additional financing is needed. Typically, the company's sales consist of 40% cash sales and 60% credit sales. Of the credit sales, 55% are collected in the same month, and 42% are collected in the following month. The remainder is generally uncollected. Total budgeted sales in June are $127.000 and in July are $167,000. What amount of total cash receipts would Crane expect to collect in July
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