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Logan Township acquired its water system from a private company on June 1. No receivables were acquired with the purchase. Therefore, total accounts receivable on June 1 had a zero balance

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Logan Township acquired its water system from a private company on June 1.Noreceivables were acquired with the purchase.Therefore, total accounts receivable onJune 1 had a zero balance.Logan plans to bill customers in the month following the month of sale, and 70% of theresulting billings will be collected during the billing month.In the next following month,90% of the remaining balance should be collectable.The remaining uncollectibleamounts will relate to citizens who have moved away.Such amounts are neverexpected to be collected and will be written o±.Water sales during June are estimated at $4,000,000, and expected to increase 30% inJuly.August sales will be 10% less than July sales.As of the end of August, how much will be the estimated amount ofreceivables from which future cash ²ows are anticipated?

ame:Date:Section:B-21.02(a)(b)JuneJulyAugustSeptember(c)JuneJulyAugustTotalReceivables

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