Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July August Return to question...

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Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July August Return to question September $ 55,500 $ 71,500 $ 56,500 15,460 12,740 13,060 3,340 2,660 2,740 19,500 16,100 16,500 Sales to customers are 20% cash and 80% on credit. Sales in June were $53,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $49,000 in cash and $4,300 in loans payable. A minimum cash balance of $49,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $49,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $49,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales). office salaries ($3,300 per month), and rent ($5,800 per month). Problem 20-2A (Algo) Part 1 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales Cash receipts from: Cash sales Loan interest Total cash receipts Answer is complete but not entirely correct. BUILT-TIGHT Schedule of Cash Receipts from Sales July $ 55,500 August $ 71,500 September $ 56,500 $ 11,100 $14,300 44,400 57,200 $ 71,500 $ 55,500 $ 11,300 45,200 56,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July August Return to question September $ 55,500 $ 71,500 $ 56,500 15,460 12,740 13,060 3,340 2,660 2,740 19,500 16,100 16,500 Sales to customers are 20% cash and 80% on credit. Sales in June were $53,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $49,000 in cash and $4,300 in loans payable. A minimum cash balance of $49,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $49,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $49,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales). office salaries ($3,300 per month), and rent ($5,800 per month). Problem 20-2A (Algo) Part 1 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales Cash receipts from: Cash sales Loan interest Total cash receipts Answer is complete but not entirely correct. BUILT-TIGHT Schedule of Cash Receipts from Sales July $ 55,500 August $ 71,500 September $ 56,500 $ 11,100 $14,300 44,400 57,200 $ 71,500 $ 55,500 $ 11,300 45,200 56,500