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The following information is budgeted for McCracken Plumbing Supply Company for next quarter:
April
May
June
Sales
$110,000
$130,000
$180,000
Merchandise purchases
$85,000
$92,000
$105,000
Selling and administrative expenses
$50,000
All sales at McCracken are on credit. Forty percent are collected in the month of sale, 58% in the month following the sale, and the remaining 2% are uncollectible. Merchandise purchases are paid in full the month following the month of purchase. The selling and administrative expenses above include $8,000 of depreciation on display fixtures and warehouse equipment. All other selling and administrative expenses are paid as incurred. McCracken wants to maintain a cash balance of $15,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end.
Required:
Prepare McCracken's cash budget for the month of May. Use good form. McCracken expects to have $24,000 of cash on hand at the beginning of May.
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