Que 1. You have the following income statement for a restaurant for the month of June.

Sales Revenue $145964

Cost of Sales 37% of Sales

Wages Expense 24% of Sales

Operating Expenses $17,000

Rent Expense $ 7,500

Depreciation Expense $ 8,500

Operating Income $

Additional Information

1. Actual sales revenue in May was $108,000

2. Actual purchases (cost of sales) in May was $69,000

3. Sales revenue is 25% cash Credit card sales revenue is 75% of total sales, of which 98% is collected in the month of sales, 2% is collected in the following month

4. 40% of inventory purchases are paid in the month of purchase, the remaining 60% is paid in the following month

5. Wages and operating expenses included in the income statement are paid in cash in June Cash balance at the end of May was $ 4193

Required: Calculate the actual cash balance at the end of June by preparing a cash budget.

Response Feedback from Professor: Missing rent disbursement. Well done otherwise.

Kindly help me solve the question but take professor's feedback under consideration.

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