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problem: Eddie's Bar & Restaurant Supplies expects its revenues & payments for the first part of the year to be:

 

 

 

January

$14,000

$18,000

February

20,000

21,300

 

March

26,000

19,100

 

April

22,000

22,400

 

May

18,000

14,700

 

70% of the company's sales are on credit. Past experience shows that 40% of accounts receivable are collected in the month after sale, & remainder is collected in 2nd month after sale. Make a schedule of cash receipts for March, April, & May. Eddie's pays its payments in following month. Eddie's had a cash balance of $2,000 on March 1, which is also its minimum required cash balance. There is an outstanding loan of $2,000 on March 1. Make a cash budget for March, April, & May.

 

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M922775

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