(xx is 10)

July (25 points) Consider the following information of a company given in the following table: June August Credit Sales $3XX,000 3XX,000 4XX,000 Credit Purchases 170,000 165,000 175,000 Wages, taxes and other expenses 80,000 80,000 85,000 where XX is the last two digits of your student number. 5% of credit sales are uncollectible, 55% of sales are collected in the month of sale, and the remaining 40% will be collected in the next month. Credit purchases will be paid in the month following the purchase. Wages, taxes and other expenses are paid in the current month. In May, credit sales were $350,000 and credit purchases were $150,000. Please complete the cash budget below, using the information given above. July August June $100,000 Begining Cash Balance Collections - current month Collections - previous month Total Sources of Cash Payment of credit purchases - following month Payment of wages, taxes, and other expenses Total Uses of Cash Ending Cash Balance