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March April May Sales $ 70,500 50,200 $ 12,550 60,000 $ 15,000 $ Cash sales EA Lag 1 month Lag 2 months EA Other income EA Total cash receipts EA Enter any number in the edit fields and then click Check Answer. Homework: Chapter 4 Homework Save Score: 0.17 of 1 pt 4 of 6 (6 complete) HW Score: 86.21%, 5.17 of 6 pts WP4-10 (similar to) Question Help O Cash budget-Basic Grenoble Enterprises had sales of $50,200 in March and $60,000 in April. Forecast sales for May, June, and July are $70,500, $80.200, and $100.100, respectively. The firm has a cash balance of $5,200 on May 1 and wishes to maintain a minimum cash balance of $5,200. Given the following data, prepare and interpret a cash budget for the months of May, June, and July (1) The firm makes 25% of sales for cash, 59% are collected in the next month, and the remaining 16% are collected in the second month following sale. (2) The firm receives other income of $1,700 per month (3) The firm's actual or expected purchases, all made for cash, are $50,400, $70,300, and $79,500 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing $5,500 is scheduled in July. (9) Taxes of $5,900 are due in June. Complete the first month of the cash budget for Grenoble Enterprises below. (Round to the nearest dollar. Please input all the values in the table before checking your answers.) March April May Sales $ 70,500 50,200 $ 12,550 60,000 $ 15,000 $ Cash sales Lag 1 month Lag 2 months Other income Tank Enter any number in the edit fields and then click Check Answer. March April May Sales $ 70,500 50,200 $ 12,550 60,000 $ 15,000 $ Cash sales EA Lag 1 month Lag 2 months EA Other income EA Total cash receipts EA Enter any number in the edit fields and then click Check Answer. Homework: Chapter 4 Homework Save Score: 0.17 of 1 pt 4 of 6 (6 complete) HW Score: 86.21%, 5.17 of 6 pts WP4-10 (similar to) Question Help O Cash budget-Basic Grenoble Enterprises had sales of $50,200 in March and $60,000 in April. Forecast sales for May, June, and July are $70,500, $80.200, and $100.100, respectively. The firm has a cash balance of $5,200 on May 1 and wishes to maintain a minimum cash balance of $5,200. Given the following data, prepare and interpret a cash budget for the months of May, June, and July (1) The firm makes 25% of sales for cash, 59% are collected in the next month, and the remaining 16% are collected in the second month following sale. (2) The firm receives other income of $1,700 per month (3) The firm's actual or expected purchases, all made for cash, are $50,400, $70,300, and $79,500 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing $5,500 is scheduled in July. (9) Taxes of $5,900 are due in June. Complete the first month of the cash budget for Grenoble Enterprises below. (Round to the nearest dollar. Please input all the values in the table before checking your answers.) March April May Sales $ 70,500 50,200 $ 12,550 60,000 $ 15,000 $ Cash sales Lag 1 month Lag 2 months Other income Tank Enter any number in the edit fields and then click Check