Reference no: EM132951118
Grenoble Enterprises had sales of $50,200 in March and $60,000 in April. Forecast sales for? May, June, and July are $70,000?, $79,800?, and $100,200?, respectively. The firm has a cash balance of $4,800 on May 1 and wishes to maintain a minimum cash balance of $4,800.
Problem 1: Given the following? data, prepare and interpret a cash budget for the months of? May, June, and July.
?(1) The firm makes 17% of sales for? cash, 60% are collected in the next? month, and the remaining 23% are collected in the second month following sale.
?(2) The firm receives other income of $1,600 per month.
?(3) The? firm's actual or expected? purchases, all made for? cash, are $50,400?, $70,500?, and $80,200 for the months of May through? July, respectively.
?(4) Rent is $2,500 per month.
?(5) Wages and salaries are 12% of the previous? month's sales.
?(6) Cash dividends of $3,200 will be paid in June.
?(7) Payment of principal and interest of $4,300 is due in June.
?(8) A cash purchase of equipment costing $6,100 is scheduled in July.
?(9) Taxes of $5,800 are due in June.
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