Q1 2 3

The following information is available from the financial records of Albury LTD: Receipts from customers are normally 60 per cent in the month of sale, 30 per cent in the month following the sale, and 8 per cent in the second month following the sale. The balances is expected to be uncollectable. Albury takes full advantage of the 2 per cent discount allowed on purchased paid for by the 10th day of the following month. Purchases for August are budgeted at $300 000, and sales for august are forecast at $330 000. Cash payments for expenses (other than purchases) are expected to be $72 000 for the month of August. Albury cash balance on 1 Augest was $110 000. Required: Prepare a cash budget for Albury for August that includes: Expected cash receipts during August. Expected cash payments during August. Expected cash balance on 31 August