Superb Professors

Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2017:
April May June
Credit Sales $312,000 $292,000 $352,000
Credit Purchases 120,000 143,000 168,000
Cash Disbursements
Wages, Taxes, & Exp 43,200 10,700 62,200
Interest 10,200 10,200 10,200
Equipment Purchases 72,000 134,000 0
The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.
In March 2017, credit sales were $182,000, and credit purchases were $122,000. Using this information, complete the following cash budget. (Do not round intermediate calculations.)
Beginning cash balance April May June
$115,000 $ $
Cash receipts
Cash collect (credit sales) $ $ $
Total cash available $ $ $
Cash disbursements
Purchases $ $ $
Wages, taxes, and exp $ $ $
Interest $ $ $
Equipment purchases $ $ $
Total cash disbursements $ $ $
Ending cash balance $ $ $
 
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