| e Home l Chegg.com Ch 8 HW O t) ezto mheducation.com/hm.tpx 1.00 points Paul\'
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| e Home l Chegg.com Ch 8 HW O t) ezto mheducation.com/hm.tpx 1.00 points Paul's Pool Service provides pocl deaning, chemical application, and pool repairs for residential customers. Clients are biled weekly for services provided and usually pay 80 percent of their fees in the month the service is provided. In the month folowing service, Paul colects 35 percent of service foos. The final 5 parcent is collectod in the sacond month following service. Paul purchases his supplies on cradit, and pays 50 percent in the month of purahase and the remaining 50 percont in the month follawing purchase.Of the supplios Paul purohases, 85 porcent is used in the month of purchaso, and the remandor is usod in the month following purchasa. Tho following information is ava lablo for the months of June, July, and August, which are Paul's busiost months June 1 cash balance $17,200 June 1 supplies on hand $4,800 June 1 accounts receivable $9,900. June 1 accounts payable $4,700. Estimatad salas for June, July, and August are $29,7OO, $44,800, and $47,900, respectively. Sales during May were $28,100, and sales during April were $19,00 Estimatad purchasas for June, July, and August are $10,800, $20,800, and $15,COD, respectively. Purchases in May were $5,900. Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month Bugeted Cash Receipts Budgatad Cash Payments 2. Compute the balances necessary to prepare a budgeted belence sheet for August 31 for each of the folowing accounts: 1 Balanoo Ackd Tolal Cash Receips Total Cash Payments August 31 Balanoe Supplies Inventory 15% of August Purchases of August Sales 5% of July Sales Balanoe at August 31 Accounts Payable 50% of August Purchases Type here to search ^ENG 5:44 PM 117/2017 20Explanation / Answer
June July August Total Budgeted Cash Receipts April(5/0/0) 995 0 0 May(35/5/0) 9835 1405 0 June(60/35/5) 17820 10395 1485 July(0/60/35) 0 26760 15610 August(0/0/60) 0 0 28740 $ 28,650 $ 38,560 $ 45,835 $ 113,045 Budgeted Cash Payments May(50/0/0) 2950 0 0 June(50/50/0) 5400 5400 0 July(0/50/50) 0 10400 10400 August(0/0/50) 0 0 7500 $ 8,350 $ 15,800 $ 17,900 $ 42,050 Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance 17200 Add: Total Cash Receipts 113045 Less: Total cash Payments -42050 August 31 balance 88195 Supplies Inventory 15% of August Purchases 2250 Accounts Receivable 40% of August sales 19160 5% of July sales 2230 balance at August 31 21390 Accounts Payable 50% of August Purchases 7500
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