Please provide answer JUNE, JULY, AND AUGUST SALES ARE $100,000,$120,000, AND $125,000, RESPECTIVELY. 20% OF SALESARE COLLECTED IN THE MONTH OF SALE; 50% ARECOLLECTED IN THE MONTH FOLLOWING SALE, ANDTHE REMAINING 30% ARE COLLECTED IN THESECOND MONTH FOLLOWING SALE. WHAT IS THEAMOUNT OF CASH COLLECTIONS IN AUGUST? SHOWSTEPS USED IN SOLVING THE PROBLEM.

Explanation of Sales Distribution Across Months:Sales are not collected entirely in the month they…

Answered: JUNE, JULY, AND AUGUST SALES ARE…

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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Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the sales shown, how much cash will be collected in January and February?
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March, April, and May sales are $100,000, $120,000, and $125,000, respectively. 20% of sales are collected in the month of sale; 50% are collected in the month following sale, and the remaining 30% are collected in the second month following sale. What is the amount of cash collections in May? Show steps used in solving the problem. A. $118,500 B. $25,000 C. $60,000 D. $115,000

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