The Professional Service Company expects 80% of sales for cash and 20% on credit. The...
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Accounting
The Professional Service Company expects 80% of sales for cash and 20% on credit. The company collects 70% of its credit sales in the month following sale, 20% in the second month following sale, and 10% are not collected (that is, they are "bad debts"). Expected sales for June, July, and August are $49,000, $55,000, and $45,000, respectively. What are the company's expected total cash receipts in August?
Multiple Choice
$48,300.
$45,660.
$60,500.
$94,200.
$9,660.
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