Homework 8 Saved 4 91 points Paul's Pool Service provides pool cleaning. chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 40 percent of their fees in the month the service is provided. In the month following service, Paul collects 50 percent of service fees. The final 10 percent is collected in the second month following service Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase of the supplies Paul purchases, 75 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months June 1 cash balance $15,200 June 1 supplies on hand $4,000. June 1 accounts receivable $8,400 June 1 accounts payable $3.900 . Estimated sales for June, July, and August are $25,200, $37,800 and $40,000 respectively Sales during May were $23,200, and sales during April were $16,800. Estimated purchases for June, July, and Aubust are $9.400, 517.800, and $12.600, respectively Purchases in May were $5.200 Deferences Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month June July August Budged Cash Recipes Budgeted Cash Payments 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add Total Cash Recepts Less Total Cash Payments August Balance Supplies Inventory 25% of Aunt Purchases ME Reference 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add Total Cash Recipes Les: Total Cash Payments August 31 Balance Supplies Inventory 25% of August Purchases Accounts Receivable 00% of August Sales 10% of July Balance at August 31 Accounts Payable 60% of August Purchase