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Budgeted sales for Pizza Land for the second quarter of the current year are as follows:
Budgeted Sales
April
$180,000
May
200,000
June
160,000
The company collects 20 percent in the month of sale, 50 percent in the first month following the sale, and 29% percent in the second month following the sale. 1% of the budgeted sales is uncollectible.
Budgeted purchases for Katie Company for the second quarter of the current year are as follows:
Budgeted Purchases
$ 90,000
80,000
100,000
The company pays for 65 percent of its purchases in the month of purchase and 35 percent in the following month.
Required: Fill in the partial cash budget below. You need to compute the cash receipts from budgeted sales collected in June and the cash disbursement from payment of purchases for June. Do not use dollar signs, but do use a comma.
June Cash Receipts
180,000
Blank 1
Blank 2
Blank 3
June Cash Payments
90,000
Blank 4
Blank 5
Blank 6
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