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Thomas Ltd. developed the following data for the month of July.
Cash balance, July 1st $ 1,230,000
Cash sales in July 6,000,000
Credit sales for the month of:
May 4,000,000
June 3,000,000
July 5,000,000
Purchases for the month of:
June 4,500,000
July 4,000,000
Other expenses in July:
Salaries 3,250,000
Utilities 330,000
Depreciation 1,000,000
Required:
Problem 1: Prepare a cash collections and cash payment schedule as well as a cash budget for the month.
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