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Explorers Company finds that typically 40% of a month's sales are for cash. Payments on...

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Accounting

Explorers Company finds that typically 40% of a month's sales are for cash. Payments on accounts receivable are 70% in the month of sale and 28% in the month following sale and 2% in the second month following sale. Budgeted sales for May are 100,000, for June $120,000, for July $160,000, and for August $140,000. What are the total cash receipts budgeted for August?

Group of answer choices

$115,200

$143,120

$131,200

$84,320

$160,000

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