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Porter Company developed the following data for the month of August: August 1 cash balance of $6,300 Cash sales in August of $75,000 Credit sales
Porter Company developed the following data for the month of August:
- August 1 cash balance of $6,300
- Cash sales in August of $75,000
- Credit sales for August are $20,000; for July are $40,000; and for June are $30,000. 70% of credit sales are collected in the month of sale, 15% in the following month, and 10% in the second month following the sale.
- Purchases for July were $40,000 and for August are $50,000. One-fourth of purchases are paid in the month of purchase and the remaining three-fourth in the following month.
- August salaries are $35,400, utilities are $3,420, and depreciation on the building and equipment is $10,000.
A. Anticipated cash receipts from accounts receivable in August are $fill in the blank 1.
B. Anticipated total cash available from all sources in August is $fill in the blank 2.
C. August cash payments for purchases made in July is $fill in the blank 3.
August cash payments for purchases made in August is $fill in the blank 4.
D. Anticipated cash balance on August 31 is $fill in the blank 5
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