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Halifax Shoes has 35% of its sales in cash and the remainder on credit. Of...

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Accounting

Halifax Shoes has 35% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $76,981 in June, $87,134 in July, and $71,681 in August? Round to the nearest penny, two decimal places.

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