Question
Minerva Company projects sales as follows July August September Sales............................................................................. $290,000 $320,000 $280,000 Minerva anticipates 70% of sales will be on account, and 30% cash.
Minerva Company projects sales as follows July August September Sales............................................................................. $290,000 $320,000 $280,000 Minerva anticipates 70% of sales will be on account, and 30% cash. Collections of sales on account are expected to be collected in the following pattern: 35% month of sale, 60% month following the sale, and the remainder is expected to be uncollectable. Collectable Accounts Receivable on July 1st is budgeted to be $120,000. What are the budgeted cash receipts for September? (8 points, use of table is optional)
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