mework Help Sa Required information The following information applies to the que

Question

mework Help Sa Required information The following information applies to the questions displayed below Buit-Tight is preparing its master budget for the quarter ended September 30, 2017 Budgeted sales and cash for product costs for the quarter follow Budgeted salea Budgeted cash payments for 63,500 $73,50048,50 Direet labor Tactory overhead 16.260 13,54013,860 4.140 3,460 3,540 20,300 16,900 17,300 Sales are 25% cash and 75% on credit All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,100 in in accounts payable; and a $5,100 e in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month e of cash exists, loans are repaid at the end of the month. Operating expenses are accounts per month based on the beginning-of-the-month loan balance and s paid at each month-end. # an excess balanc paid in the month incurred $6,600 per month and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent (t) Prepare a cash receipts budget for July, August, and September Cash Receipts Budget 1 2 of 7 Next > MacBook Air 2. 4 7 8

Explanation / Answer

Built-Tight Company Cash Receipt Budget For the Month of July, August and September July August September Sales (a) $63,500.00 $79,500.00 $48,500.00 Less: Account receivable-ending (a-b) $47,625.00 $59,625.00 $36,375.00 Cash Receipts from: Cash sales @ 25% of Sales (b) $15,875.00 $19,875.00 $12,125.00 Prior month cash collection = 75% of Previous month $45,000.00 $47,625.00 $59,625.00 Total Cash Receipts $60,875.00 $67,500.00 $71,750.00

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