Cash Budgeting for 3 months. June, July & August are the graded portion. Input the #'s from the information in assignment 7.A1 there numbers in the table are correct and should be the same.

	April	May	June	July	August	September
beginning cash balance			66,000
Min cash balance always desired (4,000)			4,000	4,000	4,000
Available cash balance			2,600
Sales	130,000	130,000	240,000	170,000	170,00	120,000
Purchases (63% of next month's sales
COLLECTIONS
Memo: Credit sales (70% of all sales)	91,000
Credit sales collected next month (70%)		63,700
Credit sales collected 2nd month (30%)			27,300
Cash sales	39,000
Total collections
DISBURSEMENTS
For merchandise purchases		151,200	107,100
Salaries wages commissions (24% of sales)
Other variable expenses (3% of sales)
Fixed expenses
Fixtures (purchased in May)
Interest payments			0	979	240
Total Disbursements			230,000
Net cash receipts and disbursements			-67,000
Excess (deficiency) of cash before financing (should be -64400)			-64,400
Borrowing, (at beginning of period) even 1,000 increments			65,000
Repayment (at end of period)
Ending cash balance (line 5 + line 26 + either line 28 or 29)			4,600	4,521	4,981

untingLab Fundamental Assignment Material Special note: Problems 7-A1 and Problems 7-B1 provide single-problem reviews of most of the chapter topics. Those readers who prefer to concentrate on the fundamentals in smaller chunks should consider any of the other problems. 7-AI Prepare Master Budget You are the new manager of the local GreatBuy Electronics store. Top management of GreatBuy Electronics is convinced that management training should include the active participation of store managers in the budgeting process. You have been asked to prepare a complete master budget for your store for June, July, and August. All accounting is done centrally so you have no expert help on the premises. In addition, tomorrow the branch manager and the assistant controller will be here to examine your work; at that time, they will assist you in formulating the final budget document. The idea is to have you prepare the initial budget on your own so that you gain more confidence about accounting matters. You want to make a favorable impression on your superiors, so you gather the financial statement and sales data as of May 31, 20X8, on the top of the next page. Credit sales are 70% of total sales. Seventy percent of each credit account is collected in the month following the sale and the remaining 30% is collected in the subsequent month. Assume that bad debts are negligible and can be ignored. The accounts receivable on May 31 are the result of the credit sales for April and May (.30 .70 $130,000) + ( 1.0 .70 $130.000) $118,300