June sales were $6,000 while projected sales for July and August were $6,900 and $2,000, respectively. Sales are 45% cash and 55% credit. All credit sales are collected in the month following thesale. What are the total expected collections for July?OA. $7,305OB. $6,405OC. $6,495OD. $4,205

To calculate the total expected collections for July, let's break down the information provided:June…

Answered: June sales were $6,000 while projected…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...

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Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
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Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?
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June sales were $6,000 while projected sales for July and August were $6,900 and $2,000, respectively. Sales are 45% cash and 55% credit. All credit sales are collected in the month following the sale. What are the total expected collections for July? OA. $7,305 OB. $6,405 OC. $6,495 OD. $4,205