Minot Corporation is preparing its cash budget for August. The following information is available concerning...
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Accounting
Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated 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 Estimated provision for bad debts in August for credit sales in August $ 140,000 $ 107,000 25% 70% $ 12,000 $ 5,000 $ 5,200 Required: What is the estimated amount of cash receipts from accounts receivable collections in August? Estimated cash receipts
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