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Use the given information to create a cash budget for Knightsbridge Corporation for the month of June 2012. The template of the cash budget is given below.
In May, 30-day credit sales were $175,000; 80 percent of this amount is evaluated to be collectible in June.
June sales are evaluated $425,000; cash sales are generally 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, adding $26,000 depreciation. Variable expenses are 55 percent of sales. All expenses requiring payment are paid in cash when incurred.
A $40,000 note payable must be paid on 30th June.
As of 31st May, the cash balance is $94,000.
Since it was shipped as of 31 st December, does this represent a sale for the year ended on that date? What additional audit steps would be taken to evaluate that the sale is valid?
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