QS 20-19 Cash receipts LO P2 Music World reports the following sales forecast August, $190,000; and September, $260,000. Cash sales are normally 60% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash receipts for September MUSIC WORLD Cash Receipts Budget For Month Ended September 30 September cash sales Collection of accounts receivable Total budgeted cash receipts $ QS 20-26A Merchandising: Cash payments for merchandise LO P4 Garda purchased $610,000 of merchandise in August and expects to purchase $800,000 in September. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. Compute cash payments for merchandise for September. GARDA Cash Payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments QS 20-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $540,000. The store expects to begin July with $52,000 of inventory and to end the month with $38,000 of inventory. Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July. MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Required available merchandise Budgeted cost of purchases