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How much will be reported as cash on budgeted balance sheet

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Reference no: EM132502364

The beginning cash balance is $10,000.

Sales are forecasted at $400,000 of which 80% will be on credit.

70% of credit sales are expected to be collected in the year of sale.

Cash expenditures for the year are forecasted at $250,000.

  • Accounts receivable from previous accounting periods totalling $6,000.00 will be collected in the current year. The company is required to make a $10,000 loan payment and an annual interest payment on the last day of every year. The loan balance as of the beginning of the year is $60,000 and the annual interest rate is 10%.

Question 1: How much will be reported as "cash" on the budgeted balance sheet?

Reference no: EM132502364

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