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 $ 22,700 July 27,000 August 25,000 September 23,000 Required: Compute McFarland's expected cash receipts for August