1. The financial analyst for Sportif, Inc. has compiled sales and disbursement estimates for the...
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1. The financial analyst for Sportif, Inc. has compiled sales and disbursement estimates for the coming months of January through May. Historically, 75 percent of sales are for cash with the remaining 25 percent collected in the following month. The ending cash balance in January is $3,000. Prepare a cash budget for the months of February through May to answer five related multiple-choice questions. The total cash receipts for February are (See Table 3.1) Table 3.1 Month January February March April Sportif, Inc. Sales $ 5,000 6,000 10,000 10,000 10,000 Disbursements $6,000 $7,000 $4,000 $5,000 $5,000 May a. $5,750. b. $7,500. c. $9,250. | d.$10,000
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