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Cash Budget Lenn Ortia owne store that sells new and used sporting equipment, Leann has requested a cash budget for October. Alter examining the records

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Cash Budget Lenn Ortia owne store that sells new and used sporting equipment, Leann has requested a cash budget for October. Alter examining the records of the company, you find the following Cash balance on October 1 is $1,120. b. Actual sales for August and September are as follows: August September $6,000 54,500 Crear sales 58.000 01.000 Total sales $64,000 $65,500 Credit sales are collected over a three-month period 40 percent in the month of sale, 16 percent in the next month, and 22 percent in the second month after the sale. The remaining sales are uncolectible d. Inventory purchases average 70 percent of a month's total sales of those purchases, 45 percent are paid for in the marth of purchase. The remaining 55 percent are paid for in the following month. Saunes and wages total $3,650 per month Rent is 53,150 per month a. Taxes to be paid in October are $1,635. Annually withdraws $3.500 each month as her salary Advertising is $1,500 per month Other operating expenses total $3,800 per month 6. Internet and telephone fees are $340 per month Lenn tell you that she expects cash sales of $5,000 and credit sales of 563,000 for October. She likes to have $3.000 on hand at the end of the mooth and is concerned about the potential October ending Balance Required: Prepare a cash budget for October. Include supporting schedules for cash collections and cash pwynents. Round your intermediate computations and final answers to the nearest dollar Wooster Sporting Goods Store Cash Budget For the Month of October Beginning cash balance Collections Cash sales Credt sales October September August Total cash available Disbursements Inventory purchases October September Salaries and wages Rent Taxes Ocher operating expenses Owner withrawal Advertising Accounting numeric field Internet and telephone DO Ending cash balance

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