QS 20-22 (Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $350,000 and $328,000, respectively, Cash sales are 70% of total sales of the credit sales, 25% are collected in the month of sale, 70% are collected during the first month after the sale, and the remaining 5% are collected in the second month after the sale Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint. Determine the percent of June and July sales that are uncollected at July 31. Sales month Total Sales Credit Sales As of July 31 Percent Amount Uncollected Uncollected 544 70% $ June July Total 350,000 328,000 QS 20-23 (Algo) Cash budget LO P2 Santos Company is preparing a cash budget for February. The company has $18,000 cash at the beginning of February and budgets $73,000 in cash receipts from sales and $114,000 in cash payments during February. Prepare the cash budget for February assuming the company maintains a $6,000 minimum cash balance and will take a loan if necessary to maintain this balance. The company has no loans outstanding on February 1 (Negative cash balances, if any, should be indicated with minus sign.) SANTOS COMPANY Cash Budget February Beginning cash balance Total cash avalable Preliminary cash tanco Loan activity Ending cash balance Loan balance, and of month