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Accounting – cornerstone exercise 9-30 (algorithmic)
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Exercise 9-45
Cash Budget
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Links to learning objectives referenced by this question can be accessed in the “Additional Resources” drop-down menu above.
The owner of a small mining supply company has requested a cash budget for June. After examining the records of the company, you find the following:
- Cash balance on June 1 is $1,230.
- Actual sales for April and May are as follows:
- Credit sales are collected over a three-month period: 40 percent in the month of sale, 35 percent in the second month, and 20 percent in the third month. The sales collected in the third month are subject to a 2 percent late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible.
- Inventory purchases average 65 percent of a month’s total sales. Of those purchases, 20 percent are paid for in the month of purchase. The remaining 80 percent are paid for in the following month.
- Salaries and wages total $12,500 per month, including a $4,500 salary paid to the owner.
- Rent is $4,340 per month.
- Taxes to be paid in June are $6,780.
The owner also tells you that he expects cash sales of $19,500 and credit sales of $52,000 for June. No minimum cash balance is required. The owner of the company doesn’t have access to short-term loans.
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