Question: i need help with this Castor incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months

Castor incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow: Sales are 50% cash and 50% on credit Sales in March were $24.000. All credit sales are collected in the month foliowing the sale. The March 31 balance sheet includes balances of $12,000 in cash and $2,000 in loans payoble. A minimum cash balance of $12,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12.000. Interest is 18 per month based on the beginning-of-the-month loan balance and is paid at each month-end if a preliminary cash balance above $12.000 ot month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10\% of sales), shipping (2\% of sales), office salaries ( $5,000 per month), and rent ( $3,000 permonth). (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepore a cash budget for each of April, May, and June Note: Negative balonces and Loon repoyment amounts (if any) should be indicoted with minus sign, Round your final answers to the nearest whole dollar. CASTOR INCORPORATED Schedule of Cash Receipts from Sales
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