179 Given the following information below. Month October 2020 November 2020 December 2020 January 2021 February...

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179 Given the following information below. Month October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 sales (projected/actual) 12,000 14,000 15, 000 20,000 15, 000 19,000 16,300 16,000 15, 000 wages (projected/annual) 3,000 3, 200 3,000 4,000 3, 500 3,000 2,900 3, 200 2,980 Additional information: 1. The cash on hand as of January 2021 is 6,500. 2. Fifteen percent of the sales are for cash; 45 percent are collected in the month following sales; and the remaining balance is collectible in the second month following the sales. A monthly purchase of 60% of the next month's sale. 3. 4. Rent is 600 per month. 5. Miscellaneous expense is 1.5% of the month's sales. Required: prepare a cash budget for the 3 months period spanning January 2021-March 2021. 179 Given the following information below. Month October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 sales (projected/actual) 12,000 14,000 15, 000 20,000 15, 000 19,000 16,300 16,000 15, 000 wages (projected/annual) 3,000 3, 200 3,000 4,000 3, 500 3,000 2,900 3, 200 2,980 Additional information: 1. The cash on hand as of January 2021 is 6,500. 2. Fifteen percent of the sales are for cash; 45 percent are collected in the month following sales; and the remaining balance is collectible in the second month following the sales. A monthly purchase of 60% of the next month's sale. 3. 4. Rent is 600 per month. 5. Miscellaneous expense is 1.5% of the month's sales. Required: prepare a cash budget for the 3 months period spanning January 2021-March 2021.

Answer rating: 100% (QA)

January 2021 Beginning cash balance 6500 Cash sales 15 of 900 135 Credit sales ... View the full answer