Problem:
Jen Kim is the manager of an airport gift shop. Kim News and Gifts. From the foolowing data, Ms. Kim wants a cash budget showing expected cash receipts and disbursements for the month of April and the cash balance expected as of April 30, 20X4.
-Bank note due April 10:$90,000 plus $4,500 interest
-Depreciation for April:$2,100
-Two year insurance policy due April 14 for renewal: $1,500 to be paid in cash
-Planned cash balance, March 31,20X4:$80,000
-Merchandise purchases for April:$450,000, 40% paid in month of purchase, 60% paid in next month
-Customer receivables as of March 31:$60,000 from February sales, $45,000 from March sales
-Payrolls due in April:$90,000
-Other expenses for April, payable in April:$45,000
-Accrued taxes for April, payable in June: $7,500
-Sales for April: $1,000,000, half collected in month of sale, 40% in next month, 10% in third month
-Accounts payable, march 31, 20X4: $460,000
Please prepare a cash budget