The management estimates total sales for the period January through June based on actual sales from the immediate past six months. The following…
The management estimates total sales for the period January through June based on actual sales from the immediate past six months. The following assumptions are made: Historical Sales Forecasted Sales July, 2016 $100,000 January, 2017 $110,000 August, 2016 $125,000 February, 2017 $ 90,000 September, 2016 $105,000 March, 2017 $120,000 October, 2016 $155,000 April, 2017 $ 80,000 November, 2016 $ 60,000 May, 2017 $ 70,000 December, 2016 $ 70,000 June, 2017 $ 60,000 a. 50% of the Sales are collected immediately. 30% of the Sales will be collected one month after the sale. 10% will be collected two months after the sale. 6% will be collected three months after the sale. The remainder will be collected four months after the sale. Bad debts are insignificant. b. Purchases were $50,000 in July, 2016 and are expected to grow by 2% each month. The purchases will be paid in the same month. c. Wages and salaries of $30,000 will be paid each month. d. Depreciation expenses are $20,000 each month. e. Rent of $15,000 will be paid at the end of each calendar quarter. f. Machinery worth $150,000 will be purchased in March.
Prepare the cash budget from January to June. Determine the cash surp
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The management estimates total sales for the period January through June based on actual sales from the immediate past six months. The following… was first posted on August 12, 2020 at 6:07 pm.
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The management estimates total sales for the period January through June based on actual sales from the immediate past six months. The following… was first posted on August 12, 2020 at 6:11 pm.
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