Cullumber Industries is preparing its cash budget for the third quarter of the current year....
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Accounting
Cullumber Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $873000 ($291000 per month). Sales are 80% cash, with the remaining 20% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $48000, and the Accounts Receivable (all related to June sales) balance is $51000. Operating expenses for the quarter are budgeted at $463300, which includes $18900 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $390000 for the quarter. What is the projected cash balance at the end of the third quarter?
$118700
$79400
$9500
$137600
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