Reference no: EM132563063
Question - You are an accountant that has been appointed to the help Mr Lloyd assess his next year cash position as at 30 June 2021. For the year he provides you with the following estimates:
1 July 2020, cash balance $10,000
Cash sales $385,000
Credit sales $300,000
Accounts receivable payments $200,000
Inventory purchases for cash $200,000
Inventory purchases on credit $400,000
Payments to accounts payable $300,000
Cash proceeds from sale of old motor vehicle $10,000
Purchase of new motor vehicle using a long-term loan $20,000
Operating expenses (including depreciation $5,000) $100,000
All operating expenses are paid for with cash.
Required -
a) What is the budgeted total cash inflows for the year?
b) What is the budgeted cash Outflows for the year?
c) What is the budgeted closing cash balance as at 30 June 2021?
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