Need answer the accounting question A firm has actual sales of $69,000 in April and $57,000in May. It expects sales of $74,000 in June and $97,000in July and in August. Assuming that sales are the onlysource of cash inflows and that half of them are for cashand the remainder are collected evenly over thefollowing 2 months, what are the firm's expected cashreceipts for June, July, and August?

Step 1: Define Credit SalesA company can sell its goods to customers for cash or on credit. When…

Answered: A firm has actual sales of $69,000 in…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 3MC

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Suppose that the Sales in December 2019 were 86,536. The sales are expected to grow by 9% in January 2020, by 14% in February 2020, and by 15% in March 2020. After that, the sales are expected to grow by 10%. The company's cash collection is as follows: 60% is collected in the same month and the remainder in the next month. What is the cash collection for June, 2020?
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