Reference no: EM132067575

Please look over the last problem for the week. 

Duffy Corporation has prepared the following sales budget:

                                Month                             Cash Sales        Credit Sales

May                                        $16,000                 $68,000

                                June                                           20,000                   80,000

                                July                                            18,000                   74,000

                                August                                     24,000                   92,000

                                September                               22,000                   76,000

Management estimates that 5% of credit sales are not collectible and of the credit sales that are collectible, 60 % are collected in the month of sale and the remainder in the month following the sale. 

Cost of purchases of inventory each month are 70% of the next month's projected sales with 11 purchases of inventory are on account.  25% are paid in the month of purchase, and the remainder is paid in the month following the purchase. 

What would the cash receipts be for June?