Here are some important figures from the budget of Cornell, Inc., for the second quarter of...

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Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2020: Credit sales Credit purchases April $321,000 May June $301,000 $361,000 129,000 152,000 177,000 Cash disbursements Wages, taxes, and 44,100 11,600 63,100 expenses Interest Equipment purchases 11,100 81,000 152,000 11,100 11,100 0 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 2020, credit sales were $191,000, and credit purchases were $131,000. Using this information, complete the following cash budget. (Do not round intermediate calculations.) Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance April May June $ 124,000 Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2020: Credit sales Credit purchases April $321,000 May June $301,000 $361,000 129,000 152,000 177,000 Cash disbursements Wages, taxes, and 44,100 11,600 63,100 expenses Interest Equipment purchases 11,100 81,000 152,000 11,100 11,100 0 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 2020, credit sales were $191,000, and credit purchases were $131,000. Using this information, complete the following cash budget. (Do not round intermediate calculations.) Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance April May June $ 124,000

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Okay here is the cash budget for the second quarter of 2020 with the given information April Beginni... View the full answer