Compute meredith companys cash receipts for august

Reference no: EM131914356

Problem

Meredith Company has budgeted sales for the upcoming months as follows: April $ 459,000 May $ 469,000 June $ 491,000 July $ 523,000 August $ 507,000 September $ 477,000 40% 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 8% in the second month following the sale.

a. Compute Meredith Company's cash receipts for June.

b. Compute Meredith Company's cash receipts for July.

c. Compute Meredith Company's cash receipts for August.

Reference no: EM131914356

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