Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter...
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Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: June April May Credit sales $ 408,000 $ 357,000 $ 445,000 Credit purchases 185,000 173,000 206,000 Cash disbursements Wages, taxes, and expenses 80,300 75,800 104,500 Interest 10,000 10,000 Equipment purchases 36,000 8,500 10,000 153,000 The company predicts that 5 percent of its credit sales will never be collected, 25 percent of its sales will be collected in the month of the sale, and the remaining 70 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $335,000. Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning cash balance Cash receipts Cash collections from credit sales Total cash available 69 $ April May 115,000 Cash disbursements Purchases $ 177,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance June Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: June April May Credit sales $ 408,000 $ 357,000 $ 445,000 Credit purchases 185,000 173,000 206,000 Cash disbursements Wages, taxes, and expenses 80,300 75,800 104,500 Interest 10,000 10,000 Equipment purchases 36,000 8,500 10,000 153,000 The company predicts that 5 percent of its credit sales will never be collected, 25 percent of its sales will be collected in the month of the sale, and the remaining 70 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $335,000. Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning cash balance Cash receipts Cash collections from credit sales Total cash available 69 $ April May 115,000 Cash disbursements Purchases $ 177,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance June
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