Chapter Expectations Cash sales represent 10% of total sales the balance is credit card sales lying Of the credit card sales, 90% are collected in the month of sale and the remaining 10% will be collected in the following month The credit card sales in April amounted to $45,000 Inventory purchases are expected to be 25% of sales and are to be paid for in the month in which they are purchased Wages are expected to be 30% of sales and are to be paid in the month in which they are incuned Administration costs are to be paid in the month in which they are incurred Advertising costs of $1.000 are expected to be paid in June and in July Fish River must have at least a $10,000 cash balance at the end of each month Bonowing is in multiples of $1,000. Excess cash over the required minimum cash balance must be used towards paying off any outstanding loan. Ignore interest on the loan The balance of the loan as of May 1 is 50. The balance of cash as of May 1 is $15,000. Prepare a cash budget for each month in the quarter and the quarter as a whole. Fish River Seafood Restaurant Cash Budget For the Quarter Ending July 31, 2020 June May July Quarter