Prepare Cash Budget

1. ABC, Inc., a marketing research and consulting firm, is working on a cash budget for July to December 2020. The staff has projected the following cash collections and payments: Collections Payments Month Cash Sales Credit Sales Purchases Wages Miscellaneousreciatio us Expenses n expense July $10,000 $20,000 $15,000 $6,000 $1,500 2500 August $12,000 $24 000 $18,000 $7,200 $2,000 2500 September $14 000 $28,000 $21,000 $8 400 $2,500 2500 October $16 000 $32 000 $24 000 39 600 $3 000 2500 November DOO OZS DOO OFS $30,000 $12,000 $4 000 2500 December DO0 SZS $50,000 $37,500 $15,000 $4,500 2500 Required: If the ending cash balance as of June 30, 2020 was $10,000 determine the firm's forecasted monthly cash balance. Prepare a Cash budget for July to December 2020