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Problem: The following information is from Tejas WindowTint's financial records.
Month Sales Purchases
April $77,000 $50,000
May $70,000 $50,000
June $75,000 $38,000
July $80,000 $56,000
Collections from customers are normally 65 percent in the month of sale, 20 percent in the month following the sale, and 13 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 3 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $63,000, and sales for August are forecasted at $69,000. Cash disbursements for expenses are expected to be $15,800 for the month of August. The company's cash balance on August 1 was $28,000.
Required:
Financial Statement Analysis and Preparation
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