Reference no: EM13140860
Tom and Lynda own Hercules Health Club. They provide the following information regarding their expected inventories of supplies and other materials.
Individual Membership Family Memberships
Month (Number) (Number) Purchases ($)
Aug 700 300 $13,600
Sept 690 300 $13,000
Oct 680 295 $13,500
Tom and Lynda also inform you that the monthly individual membership fee is $100 and the family fee is $160. Hercules offers a 10% discount if a member pays the entire year's fee in a lump sum. About 180 individuals and 60 families take this offer. The number up for renewal is spread evenly through the year.
Hercules pays for 60% of it purchases during the month of the purchase, and the remainder the next month. Other variable costs (paid in cash) amount to $25 per month for individuals and $45 per month for families. Hercules also incurs $41,000 (including $12,500 in depreciation) toward fixed costs each month. Finally, Tom and Lynda inform you that they have to pay $20,000 toward the purchase of new equipment in September, and take out $15,000 each month as their profit. (They do not draw a salary.) Hercules began in August with a cash balance of $6,000.
a. Prepare a cash budget for September.
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: Tom and Lynda own Hercules Health Club. They provide the following information regarding their expected inventories of supplies and other materials.
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