The company managers have made the following additional assumptions and estimates:

1. Estimated sales for July, August, September, and October will be $300,000, $320,000, $310,000, and $330,000, respectively.

2. All sales are on credit and all credit sales are collected. Each months credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.

3. Each months ending inventory must equal 25% of the cost of next months sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.

4. Monthly selling and administrative expenses are always $56,000. Each month $6,000 of this total amount is depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are incurred.

5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.

How much is the Company's expected cash collections in the month of August?

! Required information [The following information applies to the questions displayed below.] Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Hamby Corporation Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 93,000 127,000 45,000 219,000 $ 484,000 $ 80,000 330,000 74,000 $ 484,000 Required information {The following information applies to the questions displayed below) Hamby Corporation is a merchandising company that is preparing a master buclget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Hamby Corporation Halance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Tatal assets Liabilities and Stockholders' Equity Accounts payable Connon stock Retained earnings Tulal liabilities and suckholders' cquity $ 93, eee 127, GAR 15,8 219, eee $ 484,000 330, een 74,08 $ 181,280 The company managers have made the following additional assumptions and estimates: 1. Fstimated sales for July, August September, and October will be $300,000, $320,000, $310,000, and $330,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July, 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 60% of sules. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $56,000. Each month $6,000 of this total amount is depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are incurred 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. How much is the Company's expected cash collections in the month of August? Required information The lalowing information les to the crestere delayed celou Hamay Co poration is a merchandising company that is preparing a master budget for their cuarter of the calendar year. The company's Dances as of June 30th is shown balon Ish IAM Falt Assets Ch The who Tv Vaal ULEM, UL ut EIVCL... TCL XL Liables and studer Eaulty 45 239 SAN 14 Haluat Telw. I WILL The company managers er de the following ucdtierel s.mationsard estimates 1. Estimated sales for July August Septembe; and October wil be $300.000 $320,000, 310,000, and $330.000, respectivey 2. All sales are on crecitanc all credit cales are collecer. Each month's credit sales are collected 35 ir the month of sale ardos ir the month following the sale all the accounts receivable Jure will be colecie In Citro's gemus. quel 25% of the cor.cftexion's seles. The world goes lois 605 dlex The copy pay fox 406 of metal se purchases in the the purchased the remaining 60% inte month olixyr tre purchase All of the speable le will be paid iluly 4. Monthly seling and clinicratc cxpenses are alla $98,000. Eoch mon $6,000 of his total amount is depreciation exacnee and the remaining 530,00D rectes to opencahar pelc in the month they are curred 5. The company does not plan to borrow morey or gay or declere lydends during the quarter ended September 30. In con357 does not slan: sue any commor occorrepurchase its own stock during the quarter encied September 30. How much is the Company's expected cash collecons in the morth of August? Nurse Conce $12.000 1195.000 4203.000