mccall company anticipates a cash balance of $92,000 on july 1. the following budgeted transactions...
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Accounting
McCall Company anticipates a cash balance of $92,000 on July 1. The following budgeted transactions for July present data related to anticipated cash receipts and cash disbursements: 1. For July, budgeted cash sales are $64,000 and budgeted credit sales are $592,000. (Credit sales for June were $550,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale. 2. Budgeted merchandise purchases for July are $332,000. (Merchandise purchases in June were $290,000.) In the month of purchase, 70% of merchandise purchases are paid for, and the balance is paid for in the following month. 3. Budgeted cash disbursements for salaries and operating expenses for July
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