Cash Collections
XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent in the month following sale, and 5 percent in the second month following the sale. Its sales budget is as follows:
| Month | Cash Sales | Credit Sales |
| May | $20,000 | $ 40,000 |
| June | 40,000 | 60,000 |
| July | 60,000 | 80,000 |
| August | 80,000 | 100,000 |
Compute XYZ Company’s total cash collections in July and its total cash collections in August.
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