Maurice Tutor

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Category > Accounting Posted 30 Jul 2017 My Price 11.00

Cambridge, Inc.

Cambridge, Inc. is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow:

 

April

May

June

Budgeted sales                    

$32,000

$40,000

$24,000

Budgeted cash payments for

 

 

 

merchandise                    

20,200

16,800

17,200

Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The March 30 balance sheet includes balances of $12,000 in cash, $12,000 in accounts receivable, $11,000 in accounts payable, and a $2,000 balance in loans payable. A minimum cash balance of $12,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), shipping (3% of sales), office salaries ($3,000 per month) and rent ($5,000 per month). Prepare a cash budget for each of the months of April, May, and June (round all dollar amounts to the nearest whole dollar).

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 07:07 PM My Price 11.00

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