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cash budget for July. Advice for management of prime spot. calculate the missing nos

blem Cash budget-part 1 PrimeTime Sportswear is a custom imprinter that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: 60% in the month after the sale is made 14-4,and 35% in the second month after sale. Merchandise purchases and operating expenses are paid as follows: PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: Cash on hand June 30 is estimated to be $75,000. Collections of June 30 accounts receivable were estimated to be $40,000 in July and $30,000 in August. Payments of June 30 accounts payable and accrued expenses in July were estimated to be $48,000. Required: a. Prepare a cash budget for July. b. What is your advice to manaqement of PrimeTime Sportswear? n Cash budget The monthly cash budgets for the second quarter of 2022 follow (\$000 omitted) for Tuscano Mfg. Co. A minimum cash balance of $15,000 is required to start each month, and a $50,000 line of credit has been arranged with a local bank at a 16% interest rate. Required: Calculate the missing amounts. (Hint: The total cash available includes collections from customers for all three months, plus the beginning cash balance from January 1, 2022.)

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