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Quail Industries is preparing its cash budget for the third quarter of the current year. Sales for ...

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Quail Industries is preparing its cash budget for the third quarter of the current year. Sales for ...

Quail Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $696,000 ($232,000 per month). Sales are 80% cash, with the remaining 20% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $38,400, and the Accounts Receivable (all related to June sales) balance is $40,800. Operating expenses for the quarter are budgeted at $371,200, which includes $14,400 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $313,600 for the quarter. To prepare for the busy fourth quarter, Quail's desired cash balance on September 30 is $120,000. How much financing will the company need at the end of the third quarter?

▸ $15,200

▸ $29,600

▸ $61,600

▸ $116,800

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Managerial Accounting

Edition: 4^th

Author: Davis

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