2nd. In class assignment M.ACCT section 81 You are provided with the following Sales Budget, Purchases Budget and selling and administrative expenses budget for Tech. to go Co. for the second quarter of the year 2020. (Sles Budget Total Cash sales Credit sales Total sales April 35.000 12.000 37,000 May 20.750 14.000 34,750 June. 53.000 17.000 70,000 Total 108,750 33.000 141,750 (1) Purchase Budget April Cash Purchases 13,000 Credit Purchases 3,000 Total Purchases 16,000 May 17,000 6.000 23,000 June. 24,000 9.000 33,000 Total 54,000 18.000 72,000 Requirement 1 Cash receipt from customer's Budget April May June. April Collections: From April Sales From March Sales Total April collection May Collections: From May Sales From April Sales Total May collections June Collections: From June Sales From May Sales Total June collections Total cash receipt Total 22,600 10,800 June. Total () Sales & Administrative Expenses Budget April May June. Salaries 7,000 8,000 7,600 Sales 3,800 2,600 4,400 Commissions Rent 400 400 400 Maintenance 1.200 1.750 1,500 Insurance 150 150 150 Utilities 300 300 300 Depreciation 200 200 200 Total 13,050 13,400 14,550 1,200 4,450 450 900 600 40,750 Requirement 2 purchase payment Budget April May April purch. Payments: For April Purch For March Purch. Total April. Purc. Pay. May purch. Payments: For May Purch. For April Purch Total May Purch. Pay. June purch. Payments: For June Purh. For May Purch Total June Purch. Pay. Total Purchase Payments Requirements: Assuming Tech, to go is planning to purchase new equipment for $9,000 cash during April 2020. All cash expenses are paid when incurred except insurance expenses which are expiration of prepaid. Prepare the following budgets for the second quarter of the year 2020: Requirement 3 Cash Budget 1-Collections from customers budget Assume all credit sales will be collected during the following month of sale. (Accounts Receivable at March 31, 2020 equals $9,000) April May June. 2. Payments for purchases budget Assume all credit purchases will be paid during the following month of purchases (Accounts Payable at March 31, 2020 equals $4,000) 3- Cash budget assume Cash balance at March.31 2020 equals $5,000. Beginning cash balance Cash receipts Cash available Cash payments: For Purchases For S & Adm. Exp. For Additional Assets Total cash payments Ending cash balance 4-Determine the amount of Accounts Receivable, Accounts Payable and cash balance at June 30, 2020. Requirement 4 3- Accounts receivable at June 30,2020 = b- Accounts Payable at June 30, 2020 ........... Cash Balance at June 30,2020 =