Records of Recycling Ltd Contain the Following Data All Sales Are on Credit

question 39

Essay

Records of Recycling Ltd contain the following data:
$$\begin{array}{l}\text { Opening bank balance } \$ 35,000\\\begin{array} { l r r } & \text { Sales } & \text { Purchases } \\\text { May } & \$ 60,000 & \$ 20,000 \\\text { June } & 70,000 & 30,000 \\\text { July } & 80,000 & 25,000\end{array}\end{array}$$
All sales are on credit.Records show that 80% of the customers pay during the month of the sale,15% pay in the month after the sale,and the remaining 5% pay in the second month after the sale.Purchases are all paid the following month at a 1% discount.Cash disbursements for operating expenses in July were $8,000.
REQUIRED:
Prepare a cash budget for July.

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