Managerial Accounting Problem

Refer to Z&A Corp.png and com plete the problem

ACC 420 - Chapt. #6 - Cash Budget Problem (Yet another review problem!!) Zak and Arish Corporation (Z & A Corp.) present the following data to you: June 30, 2029, cash balance is $3461000. Maysales were $5,100,000 and June sales were $4.200,000 Budgeted sales for the third quarter of 2029 are: Month July $4.260.000 August $4.680.000 September $4.050.000 Collections from customers are expected to be 70% in the month of sale, 20% in the month after the sale, and 5% in the second month after the sale Z & A Corp. expects 5%% of sales in anymonth will never be collected, explaining why. 70%% + 20%%+ 5%% does not equal 100%% Merchandise purchases expected to be paid in cash, in each of: July. August and September, are anticipated to be equal to 88% of that month's budgeted sales. General and administrative expenses are projected to be $3.001,980 in total, for the remaining two quarters of 2039. The breakdown of these expenses (for the last two quarters of 2020) is presented below. All expenditures are paid evenly (uniformly) throughout the last two quarters of 2029, except the property taxes which are also, paid uniform ly for each of the two quarters, but are paid at the beginning of each quarter. Last Two Quarters of 2029 - Forecasted General & Admin Costs Salaries & Fringe Benefits $660,000 Advertising $480.000 Property Taxes $410.000 Other $901.980 Depreciation $650 000 Cash dividends to be paid inJuly. $1961000. Z & A Corp desires to keep a minimum cash balance of $1 25,000, and has the ability to borrow amounts necessary to maintain this balance. Assume that borrowings take place at the beginning of the month, and repayments occur at the end of a month when there is sufficient cash to repay. Intereston borrowed money will be ignored. Required Prepare a cash budget for July 2020. Itemize all disbursements in the cash budget