E8-17 (Algo) Calculating Cash Receipts [LO 8-4] McFarland Company makes 60 percent of its sales in cash. Credit sales are collected as follows: 60 percent in the month of sale and 40 percent in the month following the sale. McFarland's budgeted sales for upcoming months follow: June July August September $ 24,000 40,000 38,000 36,000 Required: Compute McFarland's expected cash receipts for August. Budgeted Cash Receipts.