Question 2View PoliciesCurrent Attempt in ProgressDrew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts forthe months of June through October are:August September OctoberJulyJune$310,000 $330,000 $300,000 $280,000 $260,000Budgeted salesBudgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000. Customer amounts on account are collected 60% in the month of sale and 40% in the following month.. Cost of goods sold is 45% of sales.. Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month.How much cash is budgeted to be received during August?$312,000.O $318,000.O $291,000.$180,000.)hp19 4fn+insprt scdeletehomeend&76numbackspacelockPhomeHJK4enter

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Asked Nov 28, 2019
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Question 2
View Policies
Current Attempt in Progress
Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for
the months of June through October are:
August September October
July
June
$310,000 $330,000 $300,000 $280,000 $260,000
Budgeted sales
Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000
. Customer amounts on account are collected 60% in the month of sale and 40% in the following month.
. Cost of goods sold is 45% of sales.
. Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month.
How much cash is budgeted to be received during August?
$312,000.
O $318,000.
O $291,000.
$180,000.
)
hp
19 4
fn
+
ins
prt sc
delete
home
end
&
7
6
num
backspace
lock
P
home
H
J
K
4
enter
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Question 2 View Policies Current Attempt in Progress Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: August September October July June $310,000 $330,000 $300,000 $280,000 $260,000 Budgeted sales Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000 . Customer amounts on account are collected 60% in the month of sale and 40% in the following month. . Cost of goods sold is 45% of sales. . Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August? $312,000. O $318,000. O $291,000. $180,000. ) hp 19 4 fn + ins prt sc delete home end & 7 6 num backspace lock P home H J K 4 enter

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Expert Answer

Step 1

Budgeted cash receipts are a part of cash budgets that represents the amount of cash that is expected to be collected by an organization depending on the sales forecasted in the sales budget.

Step 2

To calculate cash budgeted to be receive in August:

Cash received from the sales of July= 40% of $330,000

                                                         = $132,000

Cash received from the sales of August= 60% of $300,000

           &n...

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