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Question - The following information is from Tejas WindowTint's financial records.
Month
Sales
Purchases
April
$81,000
$60,000
May
71,000
51,000
June
63,000
39,000
July
88,000
57,000
Collections from customers are normally 67 percent in the month of sale, 19 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 4 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $70,000, and sales for August are forecasted at $76,000. Cash disbursements for expenses are expected to be $14,400 for the month of August. The company's cash balance on August 1 was $36,000.
Required -
1. Prepare the expected cash collections during August.
2. Prepare the expected cash disbursements during August.
3. Calculate the expected cash balance on August 31.
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