Walter Enterprises expects its September sales to be 25% higher than its August sales of $170,000....
Walter Enterprises expects its September sales to be 25% higher than its August sales of $170,000. Purchases were $120,000 in August and are expected to be $140,000 in September. All sales are on credit and are collected as follows: 35% in the month of the sale and 65% in the following month. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. The beginning cash balance on September 1 is $7,300. The ending cash balance on September 30 would be:
Homework Answers
September Sales = 170000*1.25 = 212500
Collection from customer = (212500*35%+170000*65%) = 184875
Cash paid to supplier = (140000*25%+120000*75%) = 125000
| Beginning Cash balance on September | 7300 |
| Add: Collection from customer | 184875 |
| Less: Cash paid to supplier | -125000 |
| Ending Cash balance on September | 67175 |
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