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Prepare a cash budget
The following information appeared on the balance sheet of XYZ Ltd at 30 June 2012:
Accounts receivable 80 000
Bank overdraft 12 000
Accounts payable 100 000
Provision for income tax (payable in July) 10 000
Provision for dividends (payable in August) 20 000
Prepaid rent 2 000
Estimated sales and purchases figures for July and August are as follows:
July August
Sales 200 000 150 000
Purchases 124 000 96 000
Cash sales usually represent 50% of total sales, with 25% of credit sales collected in the same month as the sale, and the remainder in the following month. Bad debts are so small that they can be ignored.
The company purchases inventory on credit, with all payments made in the month after purchase.
Other information:
Required
Prepare a cash budget for the months of July and August 2012 (you are not required to show a total column for the two month period).
Gary and Joyce Yau, both 30, last month bought their dream house in London, Ontario. The purchase price was $450,000 plus addition fees such as taxes, legal fees, administration fe
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