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Can anyone solve this question pls? Castor Incorporsted is proparing its maxter budgot. Budgeted sales and cash payments for merchandise purchases for the next three
Can anyone solve this question pls?
Castor Incorporsted is proparing its maxter budgot. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Sales are 50\% canh and 50\% on crodit Salex in March were \$27,500. Al crodit sales are collocted in the month following the sale. The March 31 balance sheet includes balances of $13,800in cash snd $2,300 in loans pryable. A minimum cash balance of $12,800 is required, Loans are obtained at the end of any month when the preliminary cash balance is below $13,800 interest is 1 per month bosed on the beginning-of the month loan balance and is poid at esch manthend. If a preilminary cash belance above 313 . 800 at monthend exists, loars are repaid from the excess. Expenses are paid in the month incurred and include sales commissions moss of salesh shipping (2\% of sales), offlice salaries i\$5,750 per monthl and ront (\$3,450 per month). (a) Propare a schedule of cash receipts from sales for Aprit, May, and Jane. (b) Prepare a cash budget for each of Aprit, May, and June. (Negatlve balances and Loan repayment amounts (if amy) should be indicated with minus sign. Round your final answers to the neareat whole dollar. Castor Incorporsted is proparing its maxter budgot. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Sales are 50\% canh and 50\% on crodit Salex in March were \$27,500. Al crodit sales are collocted in the month following the sale. The March 31 balance sheet includes balances of $13,800in cash snd $2,300 in loans pryable. A minimum cash balance of $12,800 is required, Loans are obtained at the end of any month when the preliminary cash balance is below $13,800 interest is 1 per month bosed on the beginning-of the month loan balance and is poid at esch manthend. If a preilminary cash belance above 313 . 800 at monthend exists, loars are repaid from the excess. Expenses are paid in the month incurred and include sales commissions moss of salesh shipping (2\% of sales), offlice salaries i\$5,750 per monthl and ront (\$3,450 per month). (a) Propare a schedule of cash receipts from sales for Aprit, May, and Jane. (b) Prepare a cash budget for each of Aprit, May, and June. (Negatlve balances and Loan repayment amounts (if amy) should be indicated with minus sign. Round your final answers to the neareat whole dollar Step by Step Solution
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