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The Peoria Supply Company sells for $30 one product that it purchases

Problem 1—Cash
Budget
The Peoria Supply Company sells for $30 one product that it
purchases for $20. Budgeted sales in total dollars for next year are $720,000.
The sales information needed for preparing the July budget follows:
Month
Sales Revenue
May………………………………………………………………………………………………………..$30,000
June…………………………………………………………………………………………………………42,000
July………………………………………………………………………………………………………….51,000
August………………………………………………………………………………………………………54,000
Account balances at July 1 include these:
Cash………………………………………………………………………………………………………………….$20,000
Merchandise inventory………………………………………………………………………………………18,000
Accounts receivable
(sales)………………………………………………………………………………..23,000
Accounts payable
(purchases)……………………………………………………………………………..12,000
The company pays for one-half of its purchases in the month
of purchase and the remainder in the following month. End-of-month inventory
must be 50 percent of the budgeted sales in units for the next month. A 2
percent cash discount on sales is allowed if payment is made during the month
of sale. Experience indicates that 50 percent of the billings will be collected
during the month of sale, 40 percent in the following month, 8 percent in the
second following month, and 2 percent will be uncollectible. Total budgeted
selling and administrative expenses (excluding bad debts) for the fiscal year
are estimated at $180,000, of which one-half is fixed expense (inclusive of a
$18,000 annual depreciation charge). Fixed expenses are incurred evenly during
the year. The other selling and administrative expenses vary with sales
Expenses are paid during the month incurred.
Required
a. Prepare a schedule of estimated cash
collections for July.
b. Prepare a schedule of estimated July cash
payments for purchases.
c. Prepare schedules of July selling and
administrative expenses, separately identifying those requiring cash
disbursements
d. Prepare a cash budget in summary form for
July.

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