E8-17 (Algo) Calculating Cash Receipts [LO 8-4) McFarland Company makes 70 percent of its sales in cash. Credit sales are collected as follows: 70 percent in the month of sale and 30 percent in the month following the sale. McFarland's budgeted sales for upcoming months follow: June July August September $ 23,300 33,000 31,000 29,000 Required: Compute McFarland's expected cash receipts for August. Budgeted Cash Receipts