Janius Products, Inc, is a money during the third quaiter to support peak sales

Question

Janius Products, Inc, is a money during the third quaiter to support peak sales of August. The following informstion has been assembled to assist in preparing a cash budget for the quarter Inc. is a menchandising company that sols bnders, paper, and other school suppies The Janus Preducts has had to bomow back to-school matenials, which occur duning $58000 $88000 $68,000 $63 000 Cost of goods sold 31,200 49 200 37200 34200 Gross marin 260 38,800 12 600 15,300 10,300 6550907900 9,100 7 700 6 800 57860 14500 12,600 12CO0 8.200 e Credit sali srecolected mera three month period with 10% colected nthemonth ofsaie 70% sale and 20% in the second month followers sale May sales totaled S4000 and June sales totated 554 000 d. for invent ory nventory putchases at June 30 total $20 700 e The f Land costing $5,400 will b h The cash balance on Jane 30 is $9.800, the company must maistain s cash balance of at least this n Judy of each up to a tetal loan balance of 540 000 Th interest the end of the quarter

Explanation / Answer

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Schedule of expected cash collections July August September Quarter Sales 58000 88000 68000 214000 Cash sales 11600 17600 13600 42800 Credit sales: May 7680 7680 [48000*80%*20%] June 30240 8640 38880 [54000*80%*70%] [54000*80%*20%] July 5800 40600 11600 58000 August 8800 61600 70400 September 6800 6800 Total cash collections 55320 75640 93600 224560

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