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How to create a cash budget for the quarter

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Reference no: EM132745599

Question: Rocklin Company gathered the following budget information for the quarter ending September 30, 2019:

Sales: $ 540,000

Purchases: 450,000

Salaries and wages: 194,000

Rent: 10,000

Supplies: 8,000

Insurance: 2,000

Other cash expenses: 12,000

A cash balance of $36,000 is planned for July 1. Accounts receivable are expected to be $60,000 on July 1. All but one-half of 1% of the July 1 Accounts Receivable balance will be collected in the quarter ending September 30. The company's sales collection pattern is 95% in the quarter of sale and 5% in the quarter after sale. Accounts payable will be $30,000 on July 1 and will be paid during the coming quarter. The company's purchases payment pattern is 75% in the quarter of purchase and 25% in the quarter after purchase. Expenses are paid in the quarter in which they are incurred.

How to create a cash budget for the quarter ending September 30, 2019.

Reference no: EM132745599

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