Business, 06.04.2021 01:50, miller3009
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow:
Budgeted April May June
Sales $31,900 $40,100 $24,100
Cash payments for merchandise 20,400 16,700 17,100
Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,100 in cash, $12,100 in accounts receivable, $11,100 in accounts payable, and a $2,100 balance in loans payable. A minimum cash balance of $12,100 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and include sales commissions (5% of sales), shipping (4% of sales), office salaries ($5,100 per month), and rent ($3,100 per month).
Prepare a cash budget for each of the months of April, May, and June.
Answers: 3
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Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash...
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