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PLZ HELP ASAP I AM ON AN HOUR TOME CRUNCH The following information has been provided for your client, Haley Incorporated: You have also been
PLZ HELP ASAP I AM ON AN HOUR TOME CRUNCH
The following information has been provided for your client, Haley Incorporated: You have also been provided with the following additional information: 1. Operating expenses are paid in the month incurred. 2. Purchases are made using credit, with 70% paid in the month of purchase and the balance the following month. 3. Total sales in May were $750,000. 4. Sales are 45% cash and 55% credit. 5. The term of credit sales is 2/10,n/30. 6. Credit sales are collected at 60% in the month following the month of sale (of which 75% are Cash at end of June 90,000 You have also been provided with the following additional information: 1. Operating expenses are paid in the month incurred. 2. Purchases are made using credit, with 70% paid in the month of purchase and the balance the following month. 3. Total sales in May were $750,000. 4. Sales are 45% cash and 55% credit. 5. The term of credit sales is 2/10,n/30. 6. Credit sales are collected at 60% in the month following the month of sale (of which 75% are collected within 10 days), and 40% in the month thereafter. Required: Prepare the statement of cash flow for the month of July. There are no investing or financing activities. Round all amounts to the nearest dollar. You will not receive full credit unless you show all relevant calculations Step by Step Solution
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