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Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow.
Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow. Budgeted July 562,450 43.600 August $81,500 32.009 September $49,609 3 2.30 Cash payments for nerchandise Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet Includes balances of $13.900 in cash, $51,100 in accounts receivable; $6,100 in accounts payable, and a $3,600 balance in loans payable. A minimum cash balance of $13.600 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($5.600 per month and rent ($8,100 per month). (1) Prepare a cash receipts budget for July August, and September (2) Prepare a cash budget for each of the months of July, August, and September Complete this question by entering your answers in the tabs below. Regardi Required 2 Prepare a cash receipts budget for July, August, and September July August September $ 2,400 S 81,600 $ 19.000 20% 12,4001 s 16.3207$ 9,020 Total Sales Pey
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