Reference no: EM133078370
Question - Speedy Co. developed the following budget for the month of October.
October 1 cash balance $7,400
Cash sales in October $90,000
Credit sales for the following months are:
August $32,000
September $35,000
October $39,000
For credit sales the controller has found the following collection pattern:
60% collected in the month of sale
20% collected in the month after sale
15% collected two months after the sale
5% expected to be uncollectible
Budgeted material purchases for September and October are:
September $53,000
October $48,000
Material purchases are paid:
20% in the month of purchase
80% in the month following purchase
Other budgeted costs in October:
Utilities $5,610
Salaries $22,140
Depreciation on the building and equipment $20,000
Required -
a. How much is the total budgeted cash collection from accounts receivable in October?
b. How much is the total cash inflows from all sources in October?
c. How much is the October cash payments for purchases made in September and October?
d. How much is the total cash disbursements in October?
e. What is the cash balance on October 31?
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