Minot Corporation is preparing its cash budget for August. The following information is avallable concerning its accounts recevable: Estinated credit sales for August Actual credit sales for July Eatinated collections in August for credit sales in Auguat Eatinated collections in August for credit sales in July Eatimated collections in August for credit sales prior to July Estimated vrite-offs in August for uncollectible credit sales Eatinated provision for bad debts in August for eredit sales in August $180,000 $135,000 20% 754 $ 14,400 $7,200 $ 6,300 Required: What is the estimated amount of cash receipts from accounts receivable collections in August? Estmated cash receipts

Minot Corporation is preparing its cash budget for August. The following information is avallable concerning its accounts recevable: Estinated credit sales for August Actual credit sales for July Eatinated collections in August for credit sales in Auguat Eatinated collections in August for credit sales in July Eatimated collections in August for credit sales prior to July Estimated vrite-offs in August for uncollectible credit sales Eatinated provision for bad debts in August for eredit sales in August $180,000 $135,000 20% 754 $ 14,400 $7,200 $ 6,300 Required: What is the estimated amount of cash receipts from accounts receivable collections in August? Estmated cash receipts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

What is the estimated amount of cash receipts from accounts receivable collections in august?

Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable:
Estinated credit sales for August
Actual credit sales for July
Estimated collections in August for credit sales in August
Estimated collections in August for credit sales in July
Estimated collections in August for credit sales prior to July
Estimated write-offs in August for uncollectible credit sales
Estinated provision for bad debts in August for credit sales in August
$180,000
$135,000
20
758
$ 14,400
7,200
%24
%24
6,300
Required:
What is the estimated amount of cash receipts from accounts receivable collections in August?
Estimated cash receipts

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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