NOWV21 Online tea X CIChegg.com Cash Budget The owner of ax + Assignment/takeAssignmentMain.do?inprogress true Book Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,336 b. Actual sales for April and May are as follows 04 Cash sales Credit sales Total sales April $10,000 28,900 $38,900 May $18,000 35,000 $53,000 c. Credit, sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 72% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner f. Rent is $4,500 per month. Taxes to be paid in June are $6,780 The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the company doesn't have access to short-term loans. Required 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final answers to the nearest dotlar. Be sure to enter percentages as whole numbers. Cash Budget For June Beginning cash balance Collections 1,336 Check My Work go 13 MailDsoll No 229 000 2 75 6 00 Previous Next Save and Ext Submit Assignment for Grading Dill 7= 8 A 48 = E FI F wv2| Online teac X Chegg.com Cash Budget The owner of ax + ssignment/takeAssignmentMain.dohinprogress-true Book P Beginning cash balance Collections Cash sales Credit sales Current month 1,336 18,600 v 54,000 40 % 21,600 May credit sales 35,000 30% 10,500 V April credit sales 5,896 Total cash avalable Less disbursements: Inventory purchases Current month 5.227 Xx 20 10,454 Prior month 67.392 x x 80 30,528 Salanes and wages Rent T 11,750 4,500 6,780 v Check My Wor 80 2 322 14 $ 54 0= % ^ 55 57,932 MacBook Al " DO 27 Previous Next Lavand Ext Submit Assignment for Grading DI D 4 " " 719 6 & 29 * 7 8 69 9 E R T Y U 10 0 P GE = 11+ 40 FE 1 dele NOWV21 Online tea X CIChegg.com Cash Budget The owner of a x + Assignment/takeAssignmentMain.deinprogressatrue wblock Collections Print tem Cash sales 18,600 Credit sales Current month 54,000 40 % 21,600 May credit sales 35,000 x 30% 10,500 April credit sales 5,896 Total cash avalable 57,932 Less disbursements: Inventory purchases Current month 5,227 x 20 10,454 Prior month 67,392 x x 9 30,528 Salaries and wages 11,750 hent 4,500 Taxes 6,700 Total cash needs Excess of cash available over needs Check My Work 80 11 85 54 E R 02 MacBook A 64,012 -6,050 DP Dil DO F7 19 A & 28 * # 6 7 8 T Y U 69 O 10 Previous Save and Ext Submit Assignment for Grading 4 916 P GE = + 11 40 Fi