AutoSave 01 H U B in class Bus 225 Chapter 8 S 2020 - Protected View - Saved to this PC Search Adam Roux AR - O X File Home Insert Draw Design Layout References Mailings Review View Help Share Comments vuuproro The XYZ Co. has budgeted the following sales for the second quarter of the year: April $30,000 May $40,000 June $70,000 Total sales Sales are 15% for cash and 85% for credit. From experience the company has learned that a month's credits sales are collected according to the following pattern: Month of the sale....... .... 55% (of credit sales) First month following the sale....... 35% (of credit sales) Second month following the sale.... 7% (of credit sales) Uncollectible. .......... ........... 3% A) Prepare a schedule of cash receipts for June Prepare a Assume the following additional information for June: 50% of inventory purchases are paid for in the month of the purchase with the remaining amount paid the following month. Notes payable is used to replenish cash as needed. Notes Payable has a zero balance at the beginning of the month. Inventory purchases in May Inventory purchases in June $32,000 $26.000 Depreciation .......... Misc. expenses (inc. dep)....... Dividends paid in June.......... Cash balance as of 5/31........ Minimum cash balance desired $ 4,000 $33,000 $ 5,000 $ 8.000 S 5,000 B) Prepare a cash budget for June. Page 1 of 1 182 words 3 100% Focus @_ - + 9:35 PM + Type here to search o e . * T 1) 479/2020