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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
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.
McFarlands budgeted sales for upcoming months follow:
Compute McFarlands expected cash receipts for August.
| June | $ | 24,200 |
| July | 42,000 | |
| August | 40,000 | |
| September | 38,000 | |
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