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Problem - Mario's sales for February, March, and April were as follows: $120,000, $140,000 and $160,000. (Mario began his business in February) 60% of sales are collected in the month of sale, with the remaining 40% collected in the following month.
Mario's expenses include:
February
March
April
Operating expense
$52,000
$30,000
$25,000
Cost of goods sold
$20,000
24,000
22,000
Operating expenses and cost of goods sold are paid in the month incurred.
Required:
(A) Construct a cash budget for Mario and tell me how much cash Mario will have at the end of: February, March, and April.
(B) Will Mario have enough money to cover the $55,000 payoff of his mortgage of in April?
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