What is the cash collected in july

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Reference no: EM131991148

Consider a company that has sales in May, June, and July of $10.5 million, $12.5 million, and $9.5 million, respectively. The firm is paid by 30 percent of its customers in the month of the sale, 50 percent in the following month, and 15 percent in the next month (5 percent are bad sales and never pay). What is the cash collected in July? (Enter your answer in millions of dollars rounded to 2 decimal places.)

Reference no: EM131991148

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