A. Cash balance on June 1 is 736
B. Actual sales for April: cash sales- 10000 credit sales - 28900
May: cash sales - 18000 credit sales - 35000
C. Credit sales collected over 3 month period. 40% in first month of sale, 30% in second month, 20% in third month. The sales collected in third month are subject to a 2% late fee, which is paid for by those customers in addition to what they owe. The remaining sales are uncollected.
D. Inventory is 64% of months total sales. Of those purchases, 20% are paid in month of purchase and 80% paid for in following month.
E. Salaries and wages total 11750 per month, including a 4500 salary paid to the owner.
F. Rent is 4100 per month
G. Taxes to be paid in June are 67800
These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.Cash Budget
Opening Cash Balance 736
Sales Cash 15900
Late Fees 173,4
Total Receipt 51433,4
By purchasing this solution you'll be able to access the following files: