The Professional Service Company expects 80% of sales for cash and 20% on credit. The...
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The Professional Service Company expects 80% of sales for cash and 20% on credit. The company collects 75% of its credit sales in the month following sale, 20% in the second month following sale, and 5% are not collected (that is, they are "bad debts"). Expected sales for June, July, and August are $57,000, $63,000, and $53,000, respectively. What are the company's expected total cash receipts in August?
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