Lasi paylen UIM $11,000 in accounts ramuany pays wel and $50 Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. The Ma balance sheet includes balances of $12.000 in cash, $12,000 in accounts receivable, $11,000 in are payable, and a $2.000 balance in loans payable. A minimum cash balance of $12,000 is required. Loans obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginn of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid the end of the month. Operating expenses are paid in the month incurred and include sales commissions (100 of sales), shipping (2% of sales), office salaries ($5,000 per month), and rent ($3,000 per month). Prepare a cash budget for each of the months of April, May, and June (round all dollar amounts to the nearest whole dollar). wativity-based icomect Mat Diamond Co management predi Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash pay- ments for merchandise for the next three months follow: Exercise 7-32 Merchandising: Cash budget P4 he current year an fr $300. Manager inventory. Carbon Budgeted August September July $64,000 40,400 Sales .... Cash payments for merchandise... $80,000 33,600 $48,000 34,400 320 per hour. Var fred overhead of Required Prepare the th 2. Prepare the tt 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 $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 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 casi 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 ($4,000 per month), and rent ($6,500 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. (Round all dollar amounts to the nearest whole dollar) 1. Prepare the d Prepare the f his po che way wents TLF