Avery Inc. would like to prepare a summary cash budget for June. The following information is available:The cash balance at 1 June was estimated to be $6000.June sales, all on account, were estimated to be $75 000. Sales are collected over a two-month period with 60 per cent collected in the month of sale and the remainder in the subsequent month.May sales on account were $70 000.Inventory purchases are expected to be $50 000 in June. The company pays for one-half of inventory purchases in the month of purchase and the remainder in the subsequent month. May purchases were $60 000.Cash disbursements for selling and administrative expenses are expected to be $9000 in June.Depreciation expense for June is expected to be $3000.What is the cash balance at the end of June expected to be?$12 000$29 000$26 000$15 000
At superior-papers.com, your custom essay order will be finished much quicker than you can even imagine. From regular orders taking a few days to urgent orders needed in a few short hours, superior-papers.com offers quick, reliable service to meet all your custom essay needs.
4870 Cass Ave
Detroit, MI, United States
+1 (940) 905 5542