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Problem: prepare a case budget
Rocklin Company gathered the following budget information for the quarter ending September 30, 2014:
Sates
$540,000
Purchases
450,000
Salaries and wages
194,000
Rent
10,000
Supplies
8,000
Insurance
2,000
Other cash expenses
12,000
A cash balance of $36,000 is planned for July 1. Accounts receivable are expected to be $60,000 on July 1. All but one-half of 1% of the July 1 Accounts Receivable balance will be collected in the quarter ending September 30. The company's sales collection pattern is 95% in the quarter of sale and 5% in the quarter after sale. Accounts payable will be $30,000 on July I and will be paid during the coming quarter. The company's purchases payment pattern is 75% in the quarter of purchase and 25% in the quarter after purchase. Expenses are paid in the quarter in which they are incurred.
Prepare a cash budget for the quarter ending September 30, 2014.
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