Reference no: EM133043476
Question - All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Of direct material purchases, 40% are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items and expenses above are paid in the month incurred.
The cash balance on 1 July 2020 is expected to be $60,000. Tom wants to maintain a minimum cash balance of $50,000.
May 2020 June 2020 July 2020
Credit sales 500,000 450,000 600,000
Purchase Direct material 300,000 500,000 550,000
Expenses 80,000
Sale of investment 30,000
Purchase of Car 60,000
Required -
1) How much will tom receive in July from credit sales in May, June, July?
2) How much will tom pay in July for the purchases of direct material in may, June, July?
3) Prepare a cash budget for July 2020?
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