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Problem 9 40 points

THERE IS A TEMPLATE FOR THE SOLUTION TO THIS PROBLEM

The following information pertains to the operating budget for Opa Locka Stuff Corporation.

Sales for August were $175,000

Sales for September were $185,000

Budgeted sales for October is $182,000 and for November is $226,000.

Cash sales are 10% of total sales

Collections for sales on account are 50% in the month of sale, 40% the next month, 8% in the third month.

Gross margin is 40% of sales.

Purchases are paid 30% in the month of purchase and 70% in the next month. Merchandise is bought and sold in the same month. There is no beginning or ending inventory.

Operating, general & administrative costs are $62,000 each month, $4,000 of which is depreciation expense.

A downpayment on new equipment for January delivery is due on October 5^th in the amount of $14,000.

Opa Locka policy is to end each month with $20,000 cash on hand.

Beginning cash balance on October 1 is $20,000.

The outstanding loan balance on October 1 is $30,000.

What are . . .

Collections from sales for October _____________ November _____________

Disbursements for purchases October _____________ November _____________

Cash balance at the end of (before borrowing/repaying) October _____________ November _____________

Loan balance at the end of October _____________ November _____________

Operating income for October _____________ November _____________

Cash flow for October _____________ November _____________

Uncollected balance from sales at the end of November _____________

Unpaid balance from purchases at the end of November _____________