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Problem - Blue Marlin Ltd. has forecast its sales revenues and purchases for the first 6 months of 2021 as follows:
Sales ($)
Purchases ($)
January
20,000
18,000
February
25,000
March
15,000
30,000
April
22,000
May
June
40% of sales are on credit. On the basis of past experience, 50% of the accounts receivables are collected in the month after sale, and the remainder is collected two months after the sale.
Purchases are paid two months after they are incurred. The firm expects to have a cash balance of $5,000 on hand as at April 1, and is required to maintain this as its minimum cash balance.
Required -
a) Prepare a schedule of cash receipts for April, May and June.
b) Prepare a cash budget for the same period.
Financial Statement Analysis and Preparation
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