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Presentation/PPT
27/08/2022
“One-more Coffee Co. (OCC) is in the process of preparing the budget for the third quarter of 2012. The following data has been gathered: Account balances as of June 30Cash $ 20,000 Accounts receivable 15,000 Inventory 47,250 Building and Equipment 200,000 Accounts payable -0- Recent and forecasted salesMay (actual sales) $ 75,000 June (actual sales) 80,000 July (budgeted sales) 82,000 August (budgeted) 90,000 September (budgeted) 100,000 October (budgeted) 112,000 Sales are 75% cash and 25% on credit. Credit amounts are all collected within the month after sale. OCC’s gross margin averages 40% of revenues. Operating expenses – all are paid before the end of the month.Salaries and wages $8,000 per month plus 5% of revenue as commissions Rent and property taxes $1,000 per month Other operating expenses 2% of revenues Depreciation $1,000 per month OCC has no minimum inventory requirement. Their policy is to purchase on the 15th of each month the amount needed for the next month’s expected sales. OCC Is negotiating the purchase of new equipment that will cost $127,000 and be installed in September. Terms are 50% to be paid in August and the rest in September. The minimum cash balance required is $20,000. If needed, cash is borrowed as of the beginning of the month and all repayments are made when possible at the end of the month. The interest rate charged on these short-term borrowings is 12% per year, payable at the end of the month. Both borrowings and repayments are made in multiples of $1,000. Management does not want to borrow more cash than is necessary for operations1. Prepare the following schedules and budget:•Cash Disbursements for operating expenses
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