• 1. Assume the following information for the month of August.

JUNE SALES = $40,000 JULY SALES = $65,000

AUGUST SALES = $52,850.

All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $50,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan? Show the amount needed as a positive number, and the amount to repay a loan as a negative number.

2. Assume the following information for the month of August.

JUNE SALES = $40,000 JULY SALES = $65,000

AUGUST SALES = $52,850.

All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $40,000, what is the amount needed by the bank, or how much is available to paw towards the bank loan? Show the amount needed as a positive number and the amount to repay a loan as a negative number.

• 3.ABCCompanypaysformerchandisebypayingcashandusingcredit.Creditpurchasesequal80%ofthepurchases.Ofthosepurchasedoncreditthepurchasesarepaidasfollows:60%thecurrentmonth,35%inthemonthfollowing,and5%inthesecondmonthfollowing.AssumeJanuarypurchasesare$65,000.HowmuchoftheJanuarypurchasesarepaidinJanuary?

Do not have to show work. Answers will be sufficient