Please given correct answer for General accounting question I need step by step explanation June, July, and August sales are $150,000, $160,000,and $170,000, respectively. 25% of sales are collected inthe month of sale; 45% are collected in the monthfollowing sale, and the remaining 30% are collected inthe second month following sale. What is the amount ofcash collections in August? Show steps used in solvingthe problem.

Step 1: Definition of Cash CollectionsCash collections refer to the actual cash received by a…

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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What is the amount of Cash Collection in August?
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June, July, and August 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 August? Show steps used in solving the problem.
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The table contains the Sales estimates for the next year. The Purchases are 55% of Sales. Purchases are paid in the following month. The administrative expenses of $11,550 are paid each month Tax expenses of $16,458 are paid in March, June, September, and December each year. Rent expenses of $47,735 are paid in June and December. What is the cash outflow for March? Month Sales $ Month Sales $ Jan 87,400 July 21,931 Feb 89,751 Aug 78,038 Mar 78,038 Sep 87,400 Apr 21,931 Oct 78,038 May 87,400 Nov 89,751 June 89,751 Dec 21,931

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