Reference no: EM131955319
The Sun Pacific Company budgeted the following sales:
July 200,000
August 210,000
September 190,000
Sales in May were 190,000 and in June 180,000. 60% of sales are cash, 30% of sales are to be collected the next month, and the remaining 10% in 2 months.
Budgeted purchases of the required materials for production are:
July 100,000
August 105,000
September 95,000
Purchases in June were 90,000. 70% of purchases are cash and 30% should be paid the next month.
Direct Labor is 35% of purchases
Selling Expenses are 8% of sales
Other Fixed Expenses are $7,000 monthly
Taxes of $25,000 will be paid in September
Dividends of $20,000 will be paid in August
Sun Pacific has a loan with $100,000 outstanding balance in June
Interest expenses are 1% of the last month outstanding balance
The firm cash policy is to maintain a $25,000 ending cash balance (the ending balance in June was $25,000). Excess should be used to repay loans.
REQUIRED CALCULATE
A) Cash Sales in August
B) Cash receipts in July
C) Cash receipts in September
D) Cash payments in August
E) Cash payments in September
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