Please do not give solution in image format thanku The president of the retailer Prime Products has just approached the company's bank with a request for a $93,000, 90-day loan. Thepurpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off itsloans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following dataare available for the months April through June, during which the loan will be used:a. On April 1, the start of the loan period, the cash balance will be $36,000. Accounts receivable on April 1 will total $179,200, of which$153,600 will be collected during April and $20,480 will be collected during May. The remainder will be uncollectible.b. Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% inthe second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three-month period follow:Sales (all on account)Merchandise purchases.PayrollLease paymentsAdvertisingEquipment purchasesDepreciationApril$ 232,000$ 188,000$ 22,800$ 31,400$ 63,600$0$ 17,800May$ 476,000$ 163,500$ 22,800$ 31,400$ 63,600$0$ 17,800June$ 296,000$ 135,500$ 26,900$ 31,400$ 41,680$ 102,000$ 17,800c. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases duringMarch, which will be paid in April, total $162,500.d. In preparing the cash budget, assume that the $93,000 loan will be made in April and repaid in June. Interest on the loan will total$1,280, Required:1. Calculate the expected cash collections for April, May, and June, and for the three months in total.2. Prepare a cash budget, by month and in total, for the three-month period.Complete this question by entering your answers in the tabs below.Required 1 Required 2Calculate the expected cash collections for April, May, and June, and for the three months in total.Schedule of Expected Cash CollectionsAprilMayTotal cash collectionsBeginning cash balanceAdd receipts:Collections from customersTotal cash availableLess cash disbursements:Merchandise purchasesPayrollLease paymentsAdvertisingEquipment purchasesTotal cash disbursementsExcess (deficiency) of cash available over disbursementsFinancing:BorrowingsRepaymentsInterest< Required 1Total financingEnding cash balanceJunePrime ProductsCash BudgetAprilQuarterRequired 2 >MayJuneQuarter

Budgeting is the process of estimating future operations based on past performance. % are estimated…

Required: 1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in total, for the three-month period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the expected cash collections for April, May, and June, and for the three months in total. Schedule of Expected Cash Collections April May June Quarter

Required: 1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in total, for the three-month period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the expected cash collections for April, May, and June, and for the three months in total. Schedule of Expected Cash Collections April May June Quarter

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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