Reference no: EM133019841
Question - Stephen's Exotic Snails has provided the following estimates relating to the first quarter of the financial year, the quarter beginning 1 July 2020 and ending 30 September 2020:
Cash Sales $75,000
Credit Sales $50,000
Receipts from Debtors $60,000
Wages paid $55,000
Rent paid $20,000
Utilities paid $9,000
Administration paid $15,000
Depreciation of machinery $5,000
Receipt of Loan $35,000
Credit Purchases $65,000
Payment to Creditors $70,000
The cash balance at 1 July 2020 is expected to be $10,500.
Required -
(i) Prepare a Cash Budget for the quarter ending 30 September 2020.
(ii) Based on your Cash Budget, comment on whether the business can afford to purchase a new delivery vehicle for $25,000 during this quarter.
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