ABC Inc. is preparing its master budget for the upcoming May to July quarter and has provided the following sales information: March (actual) April (actual) May (actual) June (budget) July (budget) Cash sales $ 137,500 $ 132,000 $ 121,000 $ 214,500 $ 165,000 Credit sales 539,000 528,000 517,000 522,500 605,000 Total sales $ 676,500 $ 660,000 $ 638,000 $ 737,000 $ 770,000 Management estimates that 65% of the credit sales are collected in the month of sale, 20% in the month following the sale and 12% in the second month following the sale; 3% of credit sales are estimated to be uncollectable. Based on this information, what are the budgeted cash receipts for July?
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