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How much cash is budgeted to be received during august

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Question - Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: Budgeted sales: June= $310,000; July= $330,000; Aug.= $300,000; Sept.= $280,000; Oct. $260,000; Budgeted purchases: June= $144,000; July= $120,000; Aug.= $128,000; Sept.= $132,000; Oct.= $90,000; Customer amounts on account are collected 60% in the month of sale and 40% in the following month. Cost of goods sold is 45% of sales. Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August?

Reference no: EM132214754

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