1. Do a Budgeted Income Statement for the months of May and June.
2. Do a schedule of estimated receipts from debtors (accounts receivable) for the months of May and June.
3. 1.What is the amount of accounts receivable at 30^th June?
   

Soto Supplies Ltd sells carry bags for laptop computers. John mis responsible for preparing Soto Supplies master budget, and he has assembled the data below for May and June 2020. m m 49,000 5m Credit purchases m 36,000 12,000 .3... Other miscellaneous expenses 2,400 3m 3m Depreciation expense 6 000 Cash proceeds from the sale of old machinery _ 2 000 Payment of dividends _ 6,000 0 Collections from debtors (accounts receivable) normally have the following pattern: 30 per cent in the month of sale, 50 per cent in the month following the sale, and 10 per cent in the second month following the sale. a Credit sales in March and April were $52,000 and $44,000 respectively. 0 Credit purchases are paid for in the month following the purchase. Credit purchases in April were $34,000. I The company plans to repay as much as the company can of a loan in June but leaving an ending cash balance at the end of June of $4,000. The payment of this loan must be included in the cash budget in June. t The cash balance at 1St May was $4,000. 0 m rent and other miscellaneous expenses are paid in the month in which the expense arises