The Following Information Is Available from the Controller's Records for Penelope

question 34

Essay

The following information is available from the controller's records for Penelope, Ltd.:
$\begin{array}{lcc} & \text { Sales } & \text { Purchases } \\\text { May } & \$ 60,000 & \$ 20,000 \\\text { June } & 70,000 & 30,000 \\\text { July } & 80,000 & 25,000 \\\hline\end{array}$ All sales are on credit. Records show that 80 percent of the customers pay during the month of the sale, 15 percent pay the month after the sale, and the remaining 5 percent pay the second month after the sale. Purchases are all paid the following month at a 1 percent discount. Cash disbursements for operating expenses in July were $8,000.
Prepare a cash budget for July.

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Definitions:

Instinctive Behavior

Actions that are performed without prior learning or thought, typically because they are genetically programmed.

Unlearned

Describes behaviors or responses that are innate and not acquired through learning or experience.

Complex Behavior

Actions or conduct that involve multiple steps, choices, or interactions, often requiring advanced cognitive processing or learning.

Instinct

An innate, typically fixed pattern of behavior in animals in response to certain stimuli.