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ASAP please Ketsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the neet thee months folow. Sales ate 20%
ASAP please
Ketsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the neet thee months folow. Sales ate 20% cash and 80% on credit Sates in June were $57,450. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,500 in cash and $6.200 in loans payable. A min imum cash balance of $9,000 is required, Laans are obtained at the end of any month when the preliminary cash balance is below $9,000 interest is t\$s per month based on the beginning of the-month loan balance and is paid at each month.end. If a preliminary cash balance above $9.000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions (10\%li of sales), office calarles (\$5,200 per month), and rent (\$7,700 per month). (1) Prepare a schedule of cash receipts from sales for July. August, and September. (2) Prepare a cash budget for July, August,and September. Complete this question by entering your answers in the tabs below. Prepare a schedule of canh receipts from sales for July, August, and september. Required 1 Reguired 2 Step by Step Solution
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