Business, 20.03.2020 11:41 zamakun

Sales are 30% cash and 70% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,900 in accounts receivable; $5,400 in accounts payable; and a $5,900 balance in loans payable. A minimum cash balance of $15,000 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), office salaries ($4,900 per month), and rent ($7,400 per month).

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Sales are 30% cash and 70% on credit. All credit sales are collected in the month following the sale...

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