Required: 1. Anticipated cash receipts from accounts receivable in August.
Fernando Company developed the following data for the month of August:
1. August 1 cash balance P123,000.
2. Cash sales in August P800,000.
3. Credit sales for August are P300,000; for July P400,000; and for June P400,000. 70% of credit sales are collected in the month of sale, 15% in the
following month, and 10% in the second month following the sale.
4. Purchases for July were P500,000 and for August are P400,000. One-fourth of purchases are paid in the month of purchase and the remaining three-quarters in the following month.
5. August salaries are P314,000, utilities are P32,200, and
Required:
1. Anticipated cash receipts from
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