April May June July Sales $350,000 $360,000 $290,000 $240,000
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April Sales May $350,000 June $360,000 Schedule of Expected Cash Collections April May June From Accounts Receivable 83000 0 From April Sales 87500 245000 From May Sales 0 90000 From June Sales 0 0 Total Cash Collections 170500 335000 Budgeted Accounts Receivable at June 30th = 213800 Total 214600 26640 241240 32190 209050 Schedule of Expected Cash Disbursements April May June 190000 0 129500 129500 0 133200 0 0 319500 262700 0 0 133200 107300 240500 From Accounts Payable From April Purchases From May Purchases From June Purchases Total Cash Disbursements for Merchandise Purchases Expected Cash Disbursements for Other Expenses April May June 15000 15000 12000 12000 3000 3000 107300 Miscellaneous Monthly Expenses Less: Monthly Depreciation Total Cash Disbursements for Other Expenses Budgeted Accounts Payable for June 30th = Kline Sisters Company Cash Budget April May 22000 170500 192500 Beginning Cash Balance Add: Collections from Customers Total Cash Available Less: Disbursements Merchandise Purchases Other Expenses Dividends Equipment Total Cash Disbursements Excess/Deficiency of Cash Available over Disbursements Financing Borrowings Repayments Interest Total Financing Ending Cash Balance Amount Company needs to borrow for Quarter Amount Company can repay for the Quarter $240,000 0 10500 252000 72500 335000 Merchandise Purchases Budget April May June 259000 266400 39960 32190 298960 298590 36,000 39960 262,960 258630 Budgeted Cost of Goods Sold Add: Desired ending merchandise Inventory Total Needs Less: Beginning Merchandise Inventory Required Purchases 83000 343000 342000 72500 840500 Total 740000 26640 766640 36,000 730,640 Total 190000 259000 266400 107300 822700 Total 15000 12000 3000 June 45000 36000 9000 Quarter 20,000 335000 355,000 20,300 335000 355,300 22000 840500 862,500 319,500 3000 0 30000 352,500 -160,000 262700 3000 0 80000 345700 9,300 240500 3000 50000 0 293500 61,800 822,700 9000 50000 110000 991,700 -129,200 180000 0 0 180000 20,000 191000 36180 11000 0 0 11000 20,300 0 -36180 5620 -30560 31,240 191000 -36180 5620 160440 31,240 Kline Sisters Company Income Statement Quarter End June 30th Sales Cost of Goods Sold Gross Margin Miscellaneous Expense Net Income July $290,000 $1,000,000 740000 $260,000 45000 $215,000
