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Shanghai Enterprises has asked for your assistance in preparing a cash budget for the month of December 2020 and has provided projected sales revenue data below:
Projected sales:
October 2020
$144,000
November 2020
$205,000
December 2020
$220,000
All sales are on credit with 65% collected during the month of sale, 18% collected during the month following the sale, 15% during the second month after the sale and 2% uncollectable.
Required:
Problem a) Prepare the cash receipts section of a cash budget for Shanghai Enterprises for the month of December 2020.
Problem b) Explain how Shanghai Enterprises would go about constructing a cash budget for the first three months of 2021. Note that Shanghai plans to purchase a major piece of equipment costing $500,000 in February 2021.
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