The following Information is from Tejas Window Tint's financial records. Month April May June July...
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The following Information is from Tejas Window Tint's financial records. Month April May June July Sales $74,000 67,000 68,000 84,000 Purchases $51,000 53,000 41,000 59,000 Collections from customers are normally 66 percent in the month of sale, 15 percent in the month following the sale, and 16 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account Management takes full advantage of the 4 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $62.000, and sales for August are forecasted at $68,000. Cash disbursements for expenses are expected to be $15,600 for the month of August. The company's cash balance on August 1 was $34.000 Required: 1. Prepare the expected cash collections during August 2. Prepare the expected cash disbursements during August 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the expected cash collections during August. TEJAS WINDOW TINT Expected Cash Collections August Month Sales Percent Expected Collections % % % Total
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