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Question - How to calculate a company's cash budget for the month of June 2020?
In May, 30-day credit sales were $175,000; 80% of this amount is estimated to be collectible in June.
June sales are estimated to be $425,000; cash sales are usually 25% of total sales. Only 10% of credit sales are collected in the month in which the sale is made.
Total fixed expenses are $60,000 per month, including $26,000 depreciation. Variable expenses are 55% of sales. All expenses requiring payment are paid in cash when incurred.
A $40,000 note payable must be paid on June 30. As of May 31, the cash balance is $94,000.
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