Cash Budget E10A. Queensland Enterprises needs a cash budget for the month of June. The following…

Cash Budget E10A. Queensland Enterprises needs a cash budget for the month of June. The following information is available: ■ The cash balance on June 1 is $13,000. ■ Sales for May and June are $40,000 and $50,000, respectively. Cash collections on sales are 45 percent in the month of sale and 50 percent in the month after the sale; 5 percent of sales are uncollectible. ■ General expenses budgeted for June are $20,000 (depreciation represents $1,000 of this amount). ■ Inventory purchases will total $40,000 in May and $30,000 in June. The company pays for half of its inventory purchases in the month of purchase and for the other half the month after purchase. ■ The company will pay $5,000 in cash for office furniture in June. Sales commissions for June are budgeted at $3,000. ■ The company maintains a minimum ending cash balance of $5,000 and can borrow from the bank in multiples of $100. All loans are repaid after 60 days. Prepare a cash budget for Queensland for the month of June.

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