$2-28.$Roche City has two major sources of revenues, property tax and sales tax, which are billed according to the schedule at the top of the next page. $2023$ July August Sept. Oct. Nov. Dec. Property Tax $($$$)45,000,000$ Sales Tax $($$$)50,00055,00062,00050,00068,000112,000$ Traditionally, property tax revenues have been received in cash according to the following schedule: $40$ percent in the first month following the billing date $20$ percent in the second month $10$ percent in the third month $10$ percent in the fourth month $8$ percent in the fifth month $5$ percent in the sixth month $7$ percent are not collected The state collects the sales tax revenues and will transfer cash to the city on March $1,2024,$ for the sales tax revenues earned in the last quarter of $2023.$ Roche City is not planning any capital asset purchases during the next $3$ months. Monthly cash disbursements for general operations are $$3\mathrm{.}7$ million. Beginning cash balance for January $1,2024,$ is $$500,000.$ Roche City will borrow to ensure that the ending cash balance each month is at least $$100,000.$ Use this information to prepare a monthly cash budget for Roche City for January, February, and March of $2024.$Homework Assignment #$1$

$2-28.$ Roche City has two major sources of revenues, property tax and sales tax, which

are billed according to the schedule as follows.

Traditionally, property tax revenues have been received in cash according to the

following schedule:

$40$ percent in the first month following the billing date

$20$ percent in the second month

$10$ percent in the third month

$10$ percent in the fourth month

$8$ percent in the fifth month

$5$ percent in the sixth month

$7$ percent are not collected

The state collects the sales tax revenues and will transfer cash to the city on March $1,$

$2024,$ for the sales tax revenues earned in the last quarter of $2023.$

Roche City is not planning any capital asset purchases during the next $3$ months.

Monthly cash disbursements for general operations are $$3\mathrm{.}7$ million. Beginning cash

balance for January $1,2024,$ is $$500,000.$ Roche City will borrow to ensure that the

ending cash balance each month is at least $$100,000.$

Use this information to prepare a monthly cash budget for Roche City for January,

February, and March of $2024.$

$2-34.$ Prisons Counselors $($PC$)$ delivers counseling services to prison inmates for the

state on a fee$-$for$-$service basis. It is preparing its cash budget for the month of March.

Its operating budget reflects accrued fee$-$for$-$service revenues of $$12,500,$$$13,000,$ and

$$14,000,$ respectively, for the months of January, February, and March. PC bills the

state electronically at the end of each month for the services that it delivers to its fee$-$for$-$

service clients. PC collects $60$ percent of its fee$-$for$-$service billings in the month

following the delivery of service, with the remainder being collected in the second

month after the delivery of services. What are PC$\text{'}$s total cash receipts from the state for

the month of March?Note: Ending cash balances from one period are the

beginning cash balances for the next period.

$($Cash Budget$)$

Property Tax billed Sept. $2020$

Sales Tax

October

November

December