Foray Company finds that typically 40% of a month's sales are for cash. Payments on...
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Accounting
Foray 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. Budgeted sales for June are $120,000, for July $160,000, and for August $140,000. What are the total cash receipts budgeted for July?
| a. | $151,360 | |
| b. | $85,400 | |
| c. | $122,000 | |
| d. | $262,000 | |
| e. | $140,000 |
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