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. June 930,000 420.000 Credit Sales Credit Purchases Cash Disbursements Wages, taxes, and exp. Interest Equipment purchases April 680.000 200.000 0 10,000 4.000 10,000 May 750.000 270.000 0 12,000 4.000 15,000 15,000 4,000 10.UUU O 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 $ 852.800 7a. Points: 3.33 7b. For April, Total Cash Disbursements are $ 189.000 7b. Points: 3.33 7c. For April, the Ending Cash Balance is $ 108 800 7c. Points: 3.34 8a. For June, Total Cash Available is $ 8a. Points: 3.33 86. For June, Total Cash Disbursements are $ Bb. Points: 3.33 8c. For June, the Ending Cash Balance is $ 8c. Points: 3.34