le leil.2.20.20 Ilid dilemizdendi vasi. ALCHE (4 Questions, 7 Marks) Madden Company provided the following sales information for the month of May: April May Actual Budget Cash sales $ 17,550.00 $ 18,000.00 Credit sales 99,000.00 126,000.00 Total sales $116,550.00 $144,000.00 For credit sales, the collection pattern is as follows: Month of sales 70% Month following sales 25% Based on past experience, the company estimates the remaining credit sales are uncollectible. Inventory purchases average 70% of current month's total sales. Payments for inventory are made as follows: Month of purchase Month following purchase 40% 60% 17 Other expenses are as follows: 20 Salaries and wages per month $ 10,440.00 Rent per month $ 3,600.00 Utilities per month $ 5,200.00 Insurance per quarter to be paid in May $ 900.00 Depreciation expenses per month $ 1,500.00 May 1 cash balance is $9,216.00. 2 23 Prepare a cash budget for the month of May. Question 21 (2 points) What is the budgeted cash receipts for the month of May? A 26 27 Question 22 (2 points) What is the budgeted cash disbursements for inventory purchases for the month of Mav? w 23 6 17 Question 21 (2 points) 19 20 What is the budgeted cash receipts for the month of May? A/ Question 22 (2 points) 22 23 What is the budgeted cash disbursements for inventory purchases for the month of May? Question 23 (2 points) 4: What is the budgeted cash disbursements for other expenses for the month of May? 26 27 Question 24 (1 point) What is the ending cash balance in the cash budget for the month of May? 23 BA