Heaters, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $104,600 $123,000 $115,000 $132,000 $141,400 Projected merchandise purchases $82,000 $92,400 $75,300 $66,600 $73,000 Inventory at end of month $12,000 $13,600 $11,300 $12,400 $14,300 Heaters estimates that it will collect 30% of its sales in the month of sale and 70% in the month after the sale. General operating expenses are budgeted to be $31,000 per month of which depreciation is $3,000 of this amount. Heater pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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