Question: please help been stuck on this for an hour Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of

 please help been stuck on this for an hour Here are

please help been stuck on this for an hour

Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019. April $ 401,000 178,000 May $ 350,000 166,000 June $ 438,000 199.000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases 79,600 9,300 32,500 75,100 9,300 5,000 103.800 9,300 146,000 The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $328,000. Using this information, complete the following cash budget. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) April May June Beginning cash balance $ 108,000 Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases $ 170,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!