CLICK HERE TO DOWNLOAD THIS ANSWER INSTANTLY $11.99 Only
Complete the Cash Budget for April, May and June.
"Here are some important figures from the budget of a retail company for the second quarter of 2015.
The company predicts that 4 percent of its credit sales will never be collected, 36 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.
Mar April May June
credit sales 242,000 379,900 365,400 395,000
credit purchases 163,500 152,400 172,900 195,600
cash disbursements: ? ? ? ?
wages, taxes, and expenses 57,250 74,600 78,270
interest 14,420 14,420 14,420
equipment purchases 92,400 152,000 0
Cash Budget
Mar April May June
Beginning cash balance 185,000
current month cash receipts
cash collected for previous month sales
total cash available
cash disbursements:
purchases
wages, taxes, and expenses
interest
equipment purchases
total cash disbursements
ending cash balance
