# Here are some important figures from the budget of Cornell, Inc., for the second quarter of...

###### Question:

Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2017: April $325,000 133,000 May$ 305,000 156,000 June $365,000 181,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases 44,500 11,500 85,000 12,000 11,500 160,000 63,500 11,500 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2017, credit sales were$195,000, and credit purchases were $135,000. Using this information, complete the following cash budget. (Do not round intermediate calculations.) April May June 128,000$ Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance

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