Assume that the accounts receivable balance on july 1 was

Reference no: EM13571662

Mitchell Company had the following budgeted sales for the last half of last year:

	Cash Sales	Credit Sales
July	$60,000	$160,000
August	$65,000	$180,000
September	$55,000	$140,000
October	$60,000	$155,000
November	$70,000	$210,000
December	$90,000	$450,000

The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:

Collections on credit sales:

45% in month of sales

35% in month of following sales

20.0% in second month following sales

Assume that the accounts receivable balance on July 1 was $80,000. Of this amount, $55,000 represented uncollected June sales and $25,000 represented uncollected May sales. Given these data, the total cash collected during July would be?

Reference no: EM13571662

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