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Montero Corporation, a merchandising company, has provided the following budget data:
?Purchases Sales
January $42,000 $72,000
February 48,000 66,000
March 36,000 60,000
April 54,000 78,000
May 60,000 66,000
Collections from customers are normally 70% in the month of sale, 20% in the month following the sale, and 9% in the second month following the sale. The balance is expected to be uncollectible. Montero pays for purchases in the month following the purchase. Cash disbursements for expenses other than merchandise purchases are expected to be $14,400 for May. Montero's cash balance at May 1 was $22,000.
Required:
Problem a. Compute the expected cash collections during May.
Problem b. Compute the expected cash balance at May 31.
Financial Statement Analysis and Preparation
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