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Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: April May June Credit sales Credit purchases
Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: April May June Credit sales Credit purchases Cash disbursements $326,000 $306,000 $366,000 34,000 157,000 182,000 Wages, taxes, and 44,600 12,100 63,600 expenses Interest Equipment purchases 86,000 162,000 1,600 11,600 11,600 0 The company predicts that 5 percent of its credit sales will never be collected, 30 percent of its sales will be collected in the month of the sale, and the remaining 65 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2018, credit sales were $196,000 and credit purchases were $136,000. Using this information, complete the following cash budget: (Do not round intermediate calculations. Leave no cells blank - be certain to enter "O" wherever required.)
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