A firm borrows $30,000 at 0.925% monthly interest rate in June. In which section of the cash budget should the interest payment be listed?
in June's Cash Disbursements
in June's Cash Receipts
in July's Net Change in Cash for the period
in July's Cash Receipts
2. Forty percent of a firm's sales are collected during the first month after the sale; 35% are collected during the second month following the sale; 20% are collected during the third month following the sale; and 5% are collected during the fourth month. What cash is collected in July from May's sales, which totaled $75,000?
$30,000
$26,250
$15,000
$3,750