Question
Meredith Company has budgeted sales for the upcoming months as follows: April $ 453,000 May $ 468,000 June $ 491,000 July $ 516,000 August $
Meredith Company has budgeted sales for the upcoming months as follows:
April | $ | 453,000 |
May | $ | 468,000 |
June | $ | 491,000 |
July | $ | 516,000 |
August | $ | 506,000 |
September | $ | 480,000 |
30% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 40% in the month following the sale, and 6% in the second month following the sale.
a. Compute Meredith Companys cash receipts for June. (Do not round intermediate calculations.)
Cash Receipts(. )
b. Compute Meredith Companys cash receipts for July. (Do not round intermediate calculations.)
Cash Receipts( )
c. Compute Meredith Companys cash receipts for August. (Do not round intermediate calculations.)
Cash Receipts(. )
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