Budgeted sales for Pizza Land for the second quarter of the current year are as follows:
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Budgeted Sales
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April
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$180,000
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May
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200,000
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June
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160,000
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The company collects 20 percent in the month of sale, 50 percent in the first month following the sale, and 29% percent in the second month following the sale. 1% of the budgeted sales is uncollectible.
Budgeted purchases for Katie Company for the second quarter of the current year are as follows:
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Budgeted Purchases
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April
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$ 90,000
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May
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80,000
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June
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100,000
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The company pays for 65 percent of its purchases in the month of purchase and 35 percent in the following month.
Required: Fill in the partial cash budget below. You need to compute the cash receipts from budgeted sales collected in June and the cash disbursement from payment of purchases for June. Do not use dollar signs, but do use a comma.
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Budgeted Sales
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June Cash Receipts
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April
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180,000
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Blank 1
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May
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200,000
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Blank 2
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June
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160,000
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Blank 3
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Budgeted Purchases
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June Cash Payments
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April
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90,000
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Blank 4
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May
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80,000
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Blank 5
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June
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100,000
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Blank 6
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