Cash Budget The owner of a plumbing supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,086. b. Actual sales for April and May are as follows: April Cash sales $10,000 $18,000 28,900 35,000 Total sales $38,900 $53,000 c. Credit sales are collected over a 3-month period: 30% in the month of sale, 40% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 64% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. f. Rent is $5,400 per month. g. Taxes to be paid in June are $6,780. Credit sales The owner also tells you that he expects cash sales of $18,600 and credit sales of $58,000 for June. No minimum cash balance is required. The owner of the company doesn't have access to short-term loans. Required: 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final answers to the nearest dollar. Be sure to enter percentages as whole numbers. Beginning cash balance May Collectiones Check My Work Cash Budget For June 1,086 V Previous

The owner of a plumbing supply company has requested a cash budget for sune. Afer examining the records of the company, you find the following a. Cash batance on June 1 is $2,056. b. Actuat sales for Aont and kry are as fotlowis: c. Croot sales ore colected over a 3 -month period: 30% in the month of sale, 40% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those custchers in addition to whot they. ome. The remaining sales are incollectilie. monh 6. Solaries and wapes total $13,750 per month, inclising a \$4,500 milary paid to the owner. f. Rent is $5,400 per month. 9. Taxes to be pald in June are $6,780. The owner also telis you that he expects cash sales of $18,000 and credit sales of 350,000 for June. No minimum cash balance is required. The ewher of the cumoany doesmt have access to short term laans. Required: 1. Prepare a cash budpet for June. Include supporting schetules for cash collections and cash parments. Mound calculations and finat answers to the nearest dollar. Ee sure to onter percentages as whole numbers. Cosh sales 18,600 Credit rapes: cirrent inonth May credit sales Less disborsements: thventery purchasest Current month - Prior manth CPruvious Cheak My Work