Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step. Sportswe is a custom imprinter that began operations six months ago. Sales have exceeded management'smost optimistic projections. Sales are made on account and collected as follows: 50% in the month after the sale is madeand 45% in the second month after sale. Merchandise purchases and operating expenses are paid as follows:In the month during which the merchandise is purchased or the cost is incurredIn the subsequent monthPrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success ofthe firm, follows:SalesCost of goods sold:Beginning inventoryPurchasesCost of goods available for saleLess: Ending inventoryCost of goods soldGross profitOperating expensesOperating incomeJuly$ 42,000$ 6,16037,600$ 43,760(14,710)$29,050$ 12,95010,900$ 2,050August$ 53,70070%30%$ 14,71044,000$ 58,710(20,460)$ 38,250$ 15,450.12,400$ 3,050September$ 67,600$ 20,46049,200$ 69,660(22,420)$ 47,240$ 20,36014,600$ 5,760October$ 58,700$ 22,42033,000$ 55,420(20,280)$ 35,14023,56015,800$ 7,760Cash on hand June 30 is estimated to be $40,420. Collections of June 30 accounts receivable were estimated to be$18,310 in July and $15,250 in August. Payments of June 30 accounts payable and accrued expenses in July wereestimated to be $24,070.Required:a. 1. Prepare a cash budget for August and September.2. What are the prospects for this company if its sales growth continues at a similar rate?h 1Accuma now that PrimeTime Sportswear ic a mature firm and that the lulu to Sentembar data renresent a seasonal Required:a. 1. Prepare a cash budget for August and September.2. What are the prospects for this company if its sales growth continues at a similar rate?b. 1. Assume now that PrimeTime Sportswear is a mature firm, and that the July to September data represent a seasonalpeak in business. Prepare a cash budget for October, November, and December, assuming that the incomestatements for November and December are the same as October's.2. Can the cash budget be used to support a request to a bank for a seasonal loan?Complete this question by entering your answers in the tabs below.Required A1 Required A2 Required B1 Required B2Prepare a cash budget for August and September.Note: Beginning cash should be indicated with a minus sign if it is a negative amount.AugustSeptemberBeginning cashCash receipts:June 30 accounts receivableJuly salesAugust salesSeptember salesTutal auch rarainteShow Transcribed TextRequired A1 Required A2 Required B1 Required B2Beginning cashCash receipts:June 30 accounts receivableJuly salesAugust salesSeptember salesTotal cash receiptsCash disbursements:July purchasesAugust purchasesSeptember purchasesJuly operating expensesAugust operating expensesSeptember operating expenses.Total cash disbursementsEnding cashPrepare a cash budget for August and September.Note: Beginning cash should be indicated with a minus sign if it is a negative amount.September0 $August$$$0Ċ0 $< Required A10 $0 $000Required A2 >

Cash budget is an estimation of the cash flows of a business over a specific period of time. it is…

that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: 50% in the month after the sale is made and 45% in the second month after sale. Merchandise purchases and operating expenses are paid as follows: In the month during which the merchandise is purchased or the cost is incurred In the subsequent month PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: Sales Cost of goods sold: Beginning inventory Purchases Cost of goods available for sale Less: Ending inventory July $ 42,000 $ 6,160 37,600 $ 43,760 (14,710) August $ 53,700 70% 30% $ 14,710 44,000 $ 58,710 (20,460) September $ 67,600 $ 20,460 49,200 $ 69,660 (22,420) October $ 58,700 $ 22,426 33,000 $ 55,420 (20,280

that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: 50% in the month after the sale is made and 45% in the second month after sale. Merchandise purchases and operating expenses are paid as follows: In the month during which the merchandise is purchased or the cost is incurred In the subsequent month PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: Sales Cost of goods sold: Beginning inventory Purchases Cost of goods available for sale Less: Ending inventory July $ 42,000 $ 6,160 37,600 $ 43,760 (14,710) August $ 53,700 70% 30% $ 14,710 44,000 $ 58,710 (20,460) September $ 67,600 $ 20,460 49,200 $ 69,660 (22,420) October $ 58,700 $ 22,426 33,000 $ 55,420 (20,280

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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