Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2015:
The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.
In March 2015, credit sales were $192,000 and credit purchases were $132,000. Using this information, complete the following cash budget: (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.)
April May June
Beginning cash balance $125,000
Cash collection for credit sales for April May June
Total Cash Available April May June
Purchases April May June
Wages, Taxes and Expense April May June
Interest April May June
Equipment Purchases April May June
Total Cash Disbursements April May June
Ending cash balance April May June
Find the figures for each month.