Explorers Company finds that typically 40% of a month's sales are for cash. Payments on...
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Accounting
Explorers Company finds that typically 40% of a month's sales are for cash. Payments on accounts receivable are 70% in the month of sale and 28% in the month following sale and 2% in the second month following sale. Budgeted sales for May are 100,000, for June $120,000, for July $160,000, and for August $140,000. What are the total cash receipts budgeted for August?
Group of answer choices
$115,200
$143,120
$131,200
$84,320
$160,000
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