Here are some important figures from the budget of Marston, Inc., for the second quarter of 2016.
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Here are some important figures from the budget of Marston, Inc., for the second quarter of 2016.
The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.
In March 2016, credit sales were $468,000. Using this information, complete the following cash budget:
Transcribed Image Text:
April May June Credit sales Credit purchases Cash disbursements 574,000 $499,000 $626,000 235,000 252.000 282,000 Wages, taxes, and expenses Interest Equipment purchases 114,000 3,000 44,600 107,800 13,000 149,000 13,000 207,000 5,500 Apri May June $152,000 Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases 241,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance
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Input Area Uncollected credit sales 5 Collected in the month of the sale 35 Collected in the fo...View the full answer
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Related Book For
Essentials of Corporate Finance
ISBN: 978-1259277214
9th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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