Reference no: EM132801493
Question - Hallaway Inc. developed the following data for the month of June.
Cash balance, June 1st $123,000
Cash sales in June 600,000
Credit sales for the month of:
April 400,000
May 300,000
June 500,000
Purchases for the month of:
May 450,000
June 400,000
Other expenses in June:
Salaries 325,000
Utilities 33,000
Depreciation 100,000
70% of credit sales are collected in the month of sale, 15% in the following month, and 10% in the second month following the sale.
25% of purchases are paid in the month of purchase and the remaining 75% in the following month.
100% of other expenses are paid in the month recorded.
Required -
1. Calculate the anticipated cash receipts from accounts receivable in the month of June.
2. Calculate the anticipated total cash available from all sources in the month of June.
3. Calculate the anticipated cash payments for purchases in the month of June.
4. Calculate the anticipated cash payments for other expenses in the month of June.
5. Calculate the anticipated cash balance at the end of the month of June.
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