Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget. a. Beginning cash balance on June 1, $94,700. b. Cash receipts from sales, $416,500. c. Budgeted cash payments for purchases, $271,500. d. Budgeted cash payments for salaries, $95,700. e. Other budgeted cash expenses, $57,700. f. Cash repayment of bank loan, $32,700. g. Budgeted depreciation expense, $34,700.

Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget. a. Beginning cash balance on June 1, $94,700. b. Cash receipts from sales, $416,500. c. Budgeted cash payments for purchases, $271,500. d. Budgeted cash payments for salaries, $95,700. e. Other budgeted cash expenses, $57,700. f. Cash repayment of bank loan, $32,700. g. Budgeted depreciation expense, $34,700.

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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1. Calculate the expected cash collections for July. 2. Calculate the expected cash disbursements for merchandise purchases for July. 3. Prepare a cash budget for July.
Dd.1
Hello - Where does the opening balance of cash come from (how is it derived) in Step 3. Preparing a Cash Budget? (see included picture. THANK YOU!! pz