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What is the cash balance at the end of july

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Reference no: EM132533946

Magenta Corporation has the following sales forecasts for the selected threemonth period for the current year:

Month                    Sales

July                    P30,000

August                   15,000

September               12,000

  • All sales are on account. Sixty percent of sales are collected in the month of the sale, and the remainder are collected in the following month.

Accounts receivable balance (July 1)      Cash balance (July 1)

P28,000                                            17,000

  • Minimum cash balance is P13,000. Cash can be borrowed in P2,000 increments from the local bank (assume no interest charges).

Question1 : What is the cash balance at the end of July, assuming that cash is received only from customers and that P53,000 is paid out during July?

Reference no: EM132533946

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