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Question - The owner of Tiger Trading Ltd. has approached you to help her to predict what the cash balance for her business will be at the end of April, May and June, 20X9. To assist your task, she has provided you with the following information:
Budgeted Income Statement for the month ending 20X9
30-Apr
31-May
30-Jun
Sales
60,000
70,000
80,000
LESS: Cost of Sales
30,000
35,000
40,000
GROSS PROFIT
LESS EXPENSES:
Salaries/Wages
10,000
General Expenses
15,000
17,500
20,000
Depreciation
3,000
TOTAL EXPENSES
28,000
30,500
33,000
NET PROFIT
2,000
4,500
7,000
ADDITIONAL INFORMATION:
- Purchases
- All purchases are made on credit.
- Purchases for March were $30,000.
- Throughout the three months stock purchases are to be the same as Cost of Sales.
- Credit purchases are all paid in the month following the purchases.
REQUIRED - Calculate total cash payments for June 20x9?
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