Author Question: Cooper Company, a retailer of camping supplies has budgeted activity for January using the following ... (Read 57 times)

dekbert · **on:** Feb 5, 2023

Cooper Company, a retailer of camping supplies has budgeted activity for January using the following data:

Cash sales	$ 25,000
Credit sales (60% collected in month of sale)	380,000
Selling and administrative costs (including depreciation)	50,000
Depreciation expense	5,000
Merchandise Inventory, January 1	21,000
Merchandise Inventory, January 31	20,000
Beginning cash balance	3,000
Minimum cash balance required	2,500

Cost of goods sold is 55% of Cooper's selling price.
All purchases are paid in cash.
Selling and administrative costs are paid in month of purchase.

Required:

Prepare a cash budget for January. Omit the heading.

Tester · **Reply #1 on:** Feb 5, 2023

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