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Required information [ The following information applies to the questions displayed below. ] Built - Tight is preparing its master budget. Budgeted sales and cash
Required information The following information applies to the questions displayed below. BuiltTight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are cash and on credit. Sales in June were $ All credit sales are collected in the month following the sale. The June balance sheet includes balances of $ in cash and $ in loans payable. A minimum cash balance of $ is required. Loans are obtained at the end of any month when the preliminary cash balance is below $ Interest is per month based on the beginningofthemonth loan balance and is paid at each monthend. Any preliminary cash balance above $ is used to repay loans at monthend. Expenses are paid in the month incurred and consist of sales commissions of sales office salaries $ per month and rent $ per month Prepare a schedule of cash receipts for the months of July, August, and September.
Required information
The following information applies to the questions displayed below.
BuiltTight is preparing its master budget. Budgeted sales and cash payments follow:
Sales to customers are cash and on credit. Sales in June were $ All credit sales are collected in the
month following the sale. The June balance sheet includes balances of $ in cash and $ in loans payable. A
minimum cash balance of $ is required. Loans are obtained at the end of any month when the preliminary cash
balance is below $ Interest is per month based on the beginningofthemonth loan balance and is paid at each
monthend. Any preliminary cash balance above $ is used to repay loans at monthend. Expenses are paid in the
month incurred and consist of sales commissions of sales office salaries $ per month and rent $ per
month
Prepare a schedule of cash receipts for the months of July, August, and September.
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