value: 30.00 points Meredith Company has budgeted sales for the upcoming months

Question

value: 30.00 points Meredith Company has budgeted sales for the upcoming months as follows April May June July $ 457,000 S 465,000 S 494,000 S 520,000 S 503,000 September 482,000 50% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 35% n the month following the sale, and 5% in the second month following the sale. a. Compute Meredith Company's cash receipts for June. (Do not round intermediate calculations.) sh Receipts b. Compute Meredith Company's cash receipts for July. (Do not round intermediate calculations.) sh Receipts c. Compute Meredith Company's cash receipts for August. (Do not round intermediate calculations.) sh Receipts

Explanation / Answer

June July August Cash sales 247000 260000 251500 Credit sales: April sales 11425 May sales 81375 11625 June sales 123500 86450 12350 July sales 130000 91000 August sales 125750 Cash receipts 463300 488075 480600 a b c

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