Exercise 13-35 (Algo) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August $220,000 $167,000 25% Estimated collections in August for credit sales in July 70% Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $ 18,000 $ 8,000 $ 7,800 Required: What is the estimated amount of cash receipts from accounts receivable collections in August? Estimated cash receipts