P21-22AClipboard Office Supply’s sales are 75% cash and 25% credit. (Use the rounded sales values.) Credit sales

P21-22AClipboard Office
Supply’s sales are 75% cash and 25% credit. (Use the rounded sales values.)
Credit sales are collected in the month after sale. Inventory purchases are
paid 25% in the month of purchase and 75% the following month. Salaries and
sales commissions are also paid half in the month earned and half the next
month. Income tax is paid at the end of the year. The April 30, 2011, balance
sheet showed the following balances:
cash $25000
accounts payable
$53000
Salaries and commissions
payable $2500

Requirements
R1. Prepare schedules of (a) budgeted cash collections, (b)
budgeted cash payments for purchases, and (c) budgeted cash payments for
operating expenses. Show amounts for each month and totals for May and June. Round
your computations to the nearest dollar.

Prepare a cash
budget. If no financing activity took place, what is the budgeted cash balance
on June 30, 2011?

 

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