a. Beginning cash balance on July 1:$66,000. . Budgeted cash receipts from sales: 30% is...
60.1K
Verified Solution
Link Copied!
Question
Accounting
a. Beginning cash balance on July 1:$66,000. . Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), \$1,730,000; June (actual), \$1,360,000; and July (budgeted), \$1,550,000. . Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $400,000; and July (budgeted), $510,000. . Budgeted cash payments for salarles in July: $310,000. . Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $100,000. g. Budgeted cash payment for loan interest in July: $5,500. Complete this question by entering your answers in the tabs below. Calculate the budgeted cash receipts and cash payments. a. Beginning cash balance on July 1: $66,000. b. Budgeted cash recelpts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), $1,730,000; June (actual), $1,360,000; and July (budgeted), $1,550,000. c. Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $400,000; and July (budgeted), $510,000. d. Budgeted cash payments for salarles in July: $310,000. e. Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $100,000. g. Budgeted cash payment for loan interest in July: $5,500. Complete this question by entering your answers in the tabs below. Prepare the July cash budget for Acco Company
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
a. Beginning cash balance on July 1:$66,000. . Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), \$1,730,000; June (actual), \$1,360,000; and July (budgeted), \$1,550,000. . Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $400,000; and July (budgeted), $510,000. . Budgeted cash payments for salarles in July: $310,000. . Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $100,000. g. Budgeted cash payment for loan interest in July: $5,500. Complete this question by entering your answers in the tabs below. Calculate the budgeted cash receipts and cash payments. a. Beginning cash balance on July 1: $66,000. b. Budgeted cash recelpts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), $1,730,000; June (actual), $1,360,000; and July (budgeted), $1,550,000. c. Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $400,000; and July (budgeted), $510,000. d. Budgeted cash payments for salarles in July: $310,000. e. Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $100,000. g. Budgeted cash payment for loan interest in July: $5,500. Complete this question by entering your answers in the tabs below. Prepare the July cash budget for Acco Company
