Reference no: EM13974052

Solve the following year. New Horizon Corporation estimates its cash balance plans February 1 current year will be $ 6,000. February sales and the next three months are projected as follows: February $ 31.500 March 31,000 April 32,500 May 33,000 80% of sales are collected during the month in which the sales were generated and the remaining 20% will be received during the following month. Gross margin on average sales is 25%. 30% of the goods must be paid during the month of the sale and the remaining 70% must be paid in the following month. The expenses, including depreciation of $ 750 each month, are budgeted as follows: March $ 4,000 April $ 6.500 May $ 7,000 All expenses are paid when incurred. Cash dividends were paid $ 3.250 in April. Requested Preparing a cash budget for the months of March, April and May