Developing a business plan - Budgeting

Miller manufacturing Company's budgeted income statement includes the following data:

Miller manufacturing Company	March	April	May	June
Sales	120 000	90 000	95 000	100 000
Commission expense	18 000	13 500	14 250	15 000
Salary expense	30 000	30 000	30 000	30 000
Miscellaneous expense	4 800	3 600	3 800	4 000
Rent expense	3 000	3 000	3 000	3 000
Utilities expense	1 900	1 900	1 900	1 900
Insurance expense	2 100	2 100	2 100	2 100

All sales are made on a cash basis.

The budget assumes that 60% of commission expenses are paid in the month they were incurred and the remaining 40% are paid one month later.

50% of salary expenses are paid in the month incurred and the remaining 50% are paid one month later.

Miscellaneous expense, rent expense and utility expense are assumed to be paid in the same month in which they are incurred.

Insurance was prepaid for the year on 1 January.

The cash balance at 1 April was $ 15 500.

Use the table below for preparation of a cash budget for each of the months April, May and June.

This is a "drag and drop" question. Select and move the number values to their correct position in the table.

Cash Budget for April - June
	April	May	June
Opening balance	blank	51 700	blank
Plus cash receipts (i.e., sales revenue)	blank	blank	blank
Less cash payments	-	-	-
40% of previous month's commission expense	7 200	blank	blank
blank	8 100	blank	blank
blank	blank	blank	blank
50% of last month's salary expense	blank	blank	15 000
50% of this month's salary expense	blank	blank	blank
Total cash payments	blank	blank	blank
Closing balance	51 700	blank	blank

Select and drag item labels and number values from the list shown below this line.

15500 94050 90000 95000 100000 5400 5700 60%ofcurrentmonth'scommissionexpense 8550 9000 miscellaneous,utilities&rentpaidinmonthincl. 8500 8700 8900 15000 15000 15000 15000 15000 53800 52650 53600 94050 140450