Angel Enterprises anticipated sales for the months are given below January: $22,000 February: $23,800 March: $24,700 April:
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Question:
Angel Enterprises anticipated sales for the months are given below
January: $22,000
February: $23,800
March: $24,700
April: $26,000
Prepare aCash Budgetbased on the information below for the months of January, February, March, and April. (Show all calculations, responses can be uploaded as an image)
- Credit sales are paid 50% the same month and 50% the following month (credit sales for December last year were $24,000)
- Credit purchases are paid 40% of sales; the full amount paid to the suppliers in the month they are incurred
- Wages and expenses are 30% of sales every month; paid in the month they are incurred
- In March, the company pays $42,000 cash for new equipment
- The opening cash balance in January is $17,000
(Hint: Show total cash collections, total cash disbursements, and ending cash balance for each month)
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