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# Individual Assignment Cash budget (4 points)

### Customer Question

Individual Assignment: Cash budget (4 points)

· Prepare a cash budget for each of the three months: June through august, using the information below. Also show totals for the quarter.

Information for the Cash Budget

Recent and projected Sales Recent and projected Purchases

April \$300,000

May 350,000 May \$434,000

June 700,000 June 248,000

July 400,000 July 248,000

August 400,000 August 186,000

September 300,000

Credit sales are 90% of total sales. Credit accounts are collected 80% in the month following the sale and 20% in the subsequent month.

The following expenses are paid each month:

Salaries, wages, and commissions average 20% of sales.

All other variable expenses are 4% of sales.

Property taxes, and miscellaneous payroll and other items are \$55,000 monthly.

Depreciation is \$2,500 monthly.

In June, \$55,000 is going to be disbursed for fixtures acquired on account in May.

The beginning cash balance is \$29,000. A minimum cash balance of \$25,000 is to be maintained.

All borrowings and repayments of principal are made in multiples of \$1,000. Borrowings occur at the beginning of the month. Repayments are made at the end of the month of repayment. Interest is compounded and added to the outstanding balance each month, but interest is paid only at the end of month when any principal is repaid.

The interest rate is 10% per annum. Round interest computations to the nearest dollar.
Submitted: 6 years ago.
Category: Homework
Expert:  Falak Naz replied 6 years ago.

Thanx

Edited by Falak Naz on 3/1/2010 at 11:23 AM EST
Customer: replied 6 years ago.
No I do not. My deadline has passed. I cannot submit a low grade. How will I be able to get a refund? JustAnswer has withdrawn money from my account without the answers I needed.

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