The following information is available from the financial records of Garland Ltd: Sales Purchases April...
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The following information is available from the financial records of Garland Ltd: Sales Purchases April 180,000 105,000 May 165,000 120,000 June 150,000 90,000 July 195,000 135,000 Receipts from customers are normally 60% in the month of sale, 30% in the month following sale and 8% in the second month following sale. The balance is expected to be un collectable. Garland Ltd takes advantage of the 2% discount allowed on all purchases paid for by the 10th day of the following month. Purchases for August are budgeted at $300,000, and sales for August are forecast at $330,000. Cash payments for expenses are expected to be $72,000 for the month of August. Garland Ltd's cash on 1st August was $110,000. Determine the following: Group of answer choices Opening cash balance for August [ Choose ] Expected cash receipts for August [ Choose ] Expected cash payments for August [ Choose ] Expected ending Cash Balance [ Choose ]
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