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Problem: Diamond (Pty) Ltd has a sales budget for March of $440 000. About 10% are cash sales and the remainder is sold on account. The company expects that 60% of credit sales will be collected in the month of the sale, 25% in the next month and 10% in the following month.
Materials purchased on account are expected to be $250 000. Allan pays 35% in the month of the purchase, 50% in the month following the purchase and the remaining 15% in the second month after the purchase. Salaries and wages of the workers are approximately $45 000 per month. The employees are paid weekly so on average 95% of their wages are paid in the month to which they relate and the remaining 5% is paid in the following month.
Utilities average $4 300 per month, Rent on the building is $9 000 per month, Insurance is $3 000 per month and advertising costs are $1 000 per month. February sales were $320 000 and purchases of materials in February were $170 000, January sales were $200 000 and purchases of materials in January were $130 000. The cash balance on March 1st is $5 400.
Required:
a. Schedule of cash receipts
b. Schedule of cash payments (Accounts payable payments)
c. Cash budget
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