E7-35 (similar to) * Question Help Consider the budgeted income statement for Christy Company for June 20X4. B (Click the icon to view the income statement.) The cash balance, May 31, 20X4, is $11,000. Sales proceeds are collected as follows: 70% the month of sale, 15% the second month, and 15% the third month. Accounts receivable are $50,000 on May 31, 20X4, consisting of $22,000 from April sales and $28,000 from May sales. Accounts payable on May 31, 20X4, are $148,000. Christy Company pays 15% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. Requirement 1. Prepare a cash budget for June. Confine your analysis to the given data. Ignore income taxes. x Data Table Requirement 1. Prepare a cash budget for June. (Round your answers to the nearest whole number.) Christy Company Cash Budget For the Month Ended June 20, 20X4 (In thousands) Beginning Cash, May 31, 20X4 Cash Reciepts: Collections from customers from: June sales May sales April sales Total cash available during June Sales $ 320 $ Inventory, May 31 51 196 Purchases Available for sale 247 47 Inventory, June 30 Cost of goods sold 200 Gross margin $ 120 Operating expenses: Wages $ 34 Utilities 3 Advertising 13 Depreciation 2 Office expenses 8 6 66 Insurance and property taxes 54 Operating income Christy Company Budgeted Income Statement for the Month Ended June 30, 20X4 (in thousands) - 1 Print Done Enter any number in the edit fields and then click Check Answer. ? 1 part remaining Clear All Check