Meredith C ompany has budgeted sales for the upcoming months as follows Apri May

Question

Meredith C ompany has budgeted sales for the upcoming months as follows Apri May June July August September $ 453,000 $ 468,000 $ 495,000 $520,000 $ 506,000 $ 482,000 ril 40% of the sales are credit sales, the remainder are cash sales. 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 Company's cash receipts for June. (Do not round intermediate calculations.) Cash Receipts b. Compute Meredith Company's cash receipts for July. (Do not round intermediate calculations.) Cash Receipts c. Compute Meredith Company's cash receipts for August. (Do not round intermediate calculations.) Cash Receipts

Explanation / Answer

June July August Cash sales 297000 312000 303600 Credit sales: April sales 10872 May sales 74880 June sales 99000 79200 11880 July sales 104000 83200 August sales 101200 Cash receipts 481752 495200 499880

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