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Required information [The following information applies to the questions displayed below.] PrimeTime Sportswear...

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Accounting

Required information
[The following information applies to the questions displayed below.]
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: 51% in the month after the sale is made
and 46% in the second month after sale. Merchandise purchases and operating expenses are paid as follows:
In the month during which the merchandise is purchased or the cost is incurred 71%
In the subsequent month
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 $40,220. Collections of June 30 accounts receivable were estimated to be
$19,910 in July and $15,050 in August. Payments of June 30 accounts payable and accrued expenses in July were
estimated to be $24,450.
Required:
a. Prepare a cash budget for July.
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