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The Fraley Company, a merchandising firm, has planned the following sales for the next four months:
March
April
May
June
Total budgeted sales
$50,000
$70,000
$90,000
$60,000
Sales are made 40% for cash and 60% on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern:
Month of sale
70%
First month following month of sale
20%
Second month following month of sale
8%
Uncollectible
2%
The company requires a minimum cash balance of $4,000 to start a month.
Required:
a. Compute the budgeted cash receipts for June.
b. Assume the following budgeted data for June:
Purchases
$52,000
Selling and administrative expenses
$10,000
Depreciation
$8,000
Equipment purchases
$15,000
Cash balance, beginning of June
$6,000
Using this data, along with your answer to part (1) above, prepare a cash budget in good form for June. Clearly show any borrowing needed during the month. The company can borrow in any dollar amount, but will not pay any interest until the month.
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