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  3. on march 1 of the current year, spicer corporation

On March 1 of the current year, Spicer Corporation compiled information to prepare a cash...

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Accounting

On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March April, and MayAll of the company's sales are made on account. The following information has been provided by Spicer's management January February March April Hay Credit 300,000 (actual ) 400,000 (actual ) 492,000 (estimated ) 706,000 (estimated ) 800,000 estimated The company's collection activity on credit sales historically has been as follows: Collections in the month of the sale Collection one month after the sale Collections tvo months after the sale Uncollectible accounts 501 30 15 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $ 400,000 per month cash balance on March 1 of the current year is $500,000No financing or investing activities are anticipated during the second quarter Required: Compute Spicer's budgeted cash balance at the ends of March, April, and May

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