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Author Question: Trail Industries is preparing its cash budget for the third quarter of the current year. Sales for ... (Read 78 times)

acwiles

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on: Feb 5, 2023

Question 1

Many new businesses fail not because they are unprofitable, but because
◦ they do not have the expertise to maintain the business.
◦ there is a declining demand for the products.
◦ they run out of cash.
◦ they do not have adequate inventory.

Question 2

Trail Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $870,000 ($290,000 per month). Sales are 80% cash, with the remaining 20% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $48,000, and the Accounts Receivable (all related to June sales) balance is $51,000. Operating expenses for the quarter are budgeted at $464,000, which includes $18,000 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $392,000 for the quarter. What is the projected cash balance at the end of the third quarter?
◦ $131,000
◦ $4,000
◦ $73,000
◦ $113,000
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by acwiles on Feb 5, 2023

hariet5

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Reply #1 on: Feb 5, 2023
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acwiles

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Reply 2 on: Feb 5, 2023
YES! Correct, THANKS for helping me on my review

yeungji

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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