Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019:
April May June
Credit sales $402,000 $351,000 $439,000
Credit purchases 179,000 167,000 200,000
Cash disbursements Wages,
taxes, and expenses 79,700 75,200 103,900
Interest 9,400 9,400 9,400
Equipment purchases 33,000 5,500 147,000
The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $329,000.
Using this information, complete the following cash budget.
April May June
Beginning cash balance $109,000
Cash receipts
Cash collections from credit sales
Total cash available
Answers: 3
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