Reference no: EM132949430
Problem 1: Grenoble Enterprises had sales of $50,500 in March and $59,800 in April. Forecast sales for? May, June, and July are $69,900?, $80,100?, and $100,200?, respectively. The firm has a cash balance of $5,100 on May 1 and wishes to maintain a minimum cash balance of $5,100. Given the following? data, prepare and interpret a cash budget for the months of? May, June, and July.
?(1) The firm makes 21% of sales for? cash, 56% 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 $2,200 per month.
?(3) The? firm's actual or expected? purchases, all made for? cash, are $49,800?, $70,400?, and $80,400 for the months of May through? July, respectively.
?(4) Rent is $2,800 per month.
?(5) Wages and salaries are 10% of the previous? month's sales.
?(6) Cash dividends of $2,800 will be paid in June.
?(7) Payment of principal and interest of $4,100 is due in June.
?(8) A cash purchase of equipment costing $6,200 is scheduled in July.
?(9) Taxes of $5,500 are due in June.
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