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8a-8c Please show work, thank you! Problem 7: Calculating the Cash Budget. Here are some important figures from the budget of Omaha Omlettes, Inc., for

8a-8c
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Problem 7: Calculating the Cash Budget. Here are some important figures from the budget of Omaha Omlettes, Inc., for the second quarter of 2005. April 680,000 200,000 270,000 May 930,000 420,000 June Credit Sales Credit Purchases Cash Disbursements Wages, taxes, and exp. Interest Equipment purchases 750,000 0 10,000 4,000 12,000 15,000 4,000 15,000 4,000 10,000 The company predicts that 6% of its credit sales will never be collected, 40 % of its sales will be collected in the month of the sales, and the remaining 54% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2005, credit sales were $520,000, and credit purchases were $160,000. Using this information, complete the following cash budget April $300,000 May June Beginning Cash balance Cash Receipts cash collections from crdt Total cash available Cash Disbursements Purchases wages, taxes, and exp. interest equipment purchases Total cash disbursements Ending Cash balance 7a. For April, Total Cash Available is $52. 800 7a. Points: 3.33 000 7b. For April, Total Cash Disbursements are $ 7b. Points: 3.33 7c. For April, the Ending Cash Balance is s olo,X00 7c. Points: 3.34 8a. For June, Total Cash Available is $ 8a. Points: 3.33 8b. For June, Total Cash Disbursements are $ 8b. Points: 3.33 8c. For June, the Ending Cash Balance is $ 8c. Points: 3.34

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