Halifax Shoes has 37% 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 $64,369 in June, $88,887 in July, and $85,013 in August? Round to the nearest penny, two decimal places.

Answer rating: 100% (QA)

To calculate the cash collected in August we need to consider the cash sales and the credit sales co... View the full answer