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 $ 24, 200 42,000 40,000 38,000 Required: Compute McFarland's expected cash receipts for August. Budgeted Cash Receipts $ 40,000