Please do not give solution in image format thanku The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following:a. Cash balance on June 1 is $1,386.b. Actual sales for April and May are as follows:AprilCash salesCredit sales$10,00028,900Total sales$38,900$53,000c. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the thirdmonth are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible.d. Inventory purchases average 66% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in thefollowing month.e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner.f. Rent is $4,500 per month.g.Taxes to be paid in June are $6,780.May$18,00035,000Cash BudgetFor JuneThe owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the companydoesn't have access to short-term loans.Required:1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final answers to the nearest dollar. Besure to enter percentages as whole numbers. Beginning cash balanceCollections:Cash salesCredit sales:Current monthMay credit salesApril credit salesTotal cash availableLess disbursements:Inventory purchases:XCurrent monthTotal cash availableApril credit salesPrior monthLess disbursements:Inventory purchases:RentXCurrent monthPrior monthYesNoXTaxesSalaries and wagesTotal cash needs%%Excess of cash available over needs%%%Cash BudgetFor June00 00000002. Conceptual Connection: Did the business show a negative cash balance for June?

Cash Budget is that budget which helps in every organisation to maintain Cash balance for day to…

The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,386. b. Actual sales for April and May are as follows: April Cash sales Credit sales May $10,000 $18,000 28,900 35,000 Total sales $38,900 $53,000 c. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 66% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. f. Rent is $4,500 per month. 9g. Taxes to be paid in June are $6,780. The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the company

The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,386. b. Actual sales for April and May are as follows: April Cash sales Credit sales May $10,000 $18,000 28,900 35,000 Total sales $38,900 $53,000 c. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 66% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. f. Rent is $4,500 per month. 9g. Taxes to be paid in June are $6,780. The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the company

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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