Jake Company needs to calculate the amount of cash it expects to collect for the month of july using the following info: Month          Credit SaIes May    200,000 budgeted June    230,000   budgeted JuIy     220,000 budgeted August   250,000 budgeted The company has historically collected its receivables as follows: Collections in month of sale                               30% Collections one month after the sale                  50% ColIections two months after the sale                20%

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...
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Jake Company needs to calculate the amount of cash it expects to collect for the
month of july using the following info:


Month          Credit SaIes
May    200,000 budgeted
June    230,000   budgeted
JuIy     220,000 budgeted
August   250,000 budgeted
The company has historically collected its receivables as follows:
Collections in month of sale                               30%
Collections one month after the sale                  50%
ColIections two months after the sale                20%

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