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The Professional Service Company expects 80% of sales for cash and 20% on credit. The...

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Accounting

The Professional Service Company expects 80% of sales for cash and 20% on credit. The company collects 70% of its credit sales in the month following sale, 20% in the second month following sale, and 10% are not collected (that is, they are "bad debts"). Expected sales for June, July, and August are $49,000, $55,000, and $45,000, respectively. What are the company's expected total cash receipts in August?

Multiple Choice

$48,300.

$45,660.

$60,500.

$94,200.

$9,660.

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