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The cash balance at the end of May was $25881. You are required to prepare cash budget for the two months (June and July). The task requires you to use excel in formulating the cash budget by performing all the required steps.
As the management accountant of Wax Pty Ltd, you are asked by your manager to prepare the Cash budget for the next two months (June & July). You have been presented with the following information.
June 3100 units
July 3450 units
Based on the previous experience of the business, sales are expected to be 35% cash in the month of sale.
June $40,000
July $41,000
Salaries $8,500
Depreciation $1,500
Advertising $2,400
Electricity $2,050
All relevant operating expenses will be paid in cash in the month incurred
Required:
Question 1. Prepare a schedule of Accounts receivables to calculate estimated cash collected from accounts receivables for the months of June and July
Question 2. Prepare a cash budget for the months of June and July
Question 3. Comment on the budgeted cash position for Wax Pty Ltd at the end of July and suggest three steps management could take to address the situation.
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