Question: Please provide step by step instructions, detailed explanations and answer, thank you! Halifax Shoes has 3 0 % of its sales in cash and the

Please provide step by step instructions, detailed explanations and answer, thank you!
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?
NOTE: Enter amounts rounded to the nearest whole dollar.
Cash sales
$Answer 1 Question 2
Cash for collections the month of sale
$Answer 2 Question 2
Cash for collections the month after sale
$Answer 3 Question 2
Cash for collections two months after sale
$Answer 4 Question 2
TOTAL cash receipts
 Please provide step by step instructions, detailed explanations and answer, thank

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!