Question
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
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.
McFarlands budgeted sales for upcoming months follow:
| June | $ | 24,100 |
| July | 41,000 | |
| August | 39,000 | |
| September | 37,000 | |
Required:
Compute McFarlands expected cash receipts for August.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
