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Nady [450]
2 years ago
13

Item 6 Worton Distributing expects its September sales to be 20% higher than its August sales of $168,000. Purchases were $118,0

00 in August and are expected to be $138,000 in September. All sales are on credit and are expected to be collected as follows: 40% in the month of the sale and 60% in the following month. Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on September 1 is $28,000. The ending cash balance on September 30 is estimated to be:
Business
1 answer:
MaRussiya [10]2 years ago
3 0

Answer:

Worton Distributing

he ending cash balance on September 30 is estimated to be:

= $87,440

Explanation:

a) Data and Calculations;

                                August        September

Sales                    $168,000       $201,600 ($168,000 * 1.2)

Purchases            $118,000         $138,000

Cash balance September 1         $28,000

Collection of sales on credit:  August     September

Sales                                     $168,000      $201,600

40% month of sale                  67,200          80,640

60% month following                                  100,800

Total cash collections                                $181,440

Payment for purchases:      August        September

Purchases                          $118,000         $138,000

Payment:

20% month of purchase     23,600             27,600

80% month following                                   94,400

Total payment for purchases                  $122,000

Cash budget for September

Beginning balance $28,000

Cash collections       181,440

Available cash      $209,440

Cash payments      122,000

Ending balance      $87,440

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