## [answered] Assume the following information for the month of August. J

• 1. Assume the following information for the month of August.

JUNE SALES = \$40,000
JULY SALES = \$65,000

AUGUST SALES = \$52,850.

All sales are on account and are collected as follows:? 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible.? The beginning cash balance is \$14,670, with cash payments of \$24,653.? If the minimum cash balance is \$50,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan?? Show the amount needed as a positive number, and the amount to repay a loan as a negative number.

2. Assume the following information for the month of August.

JUNE SALES = \$40,000
JULY SALES = \$65,000

AUGUST SALES = \$52,850.

All sales are on account and are collected as follows: ?20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible.? The beginning cash balance is \$14,670, with cash payments of \$24,653.? If the minimum cash balance is \$40,000, what is the amount needed by the bank, or how much is available to paw towards the bank loan?? Show the amount needed as a positive number and the amount to repay a loan as a negative number.

• 3.?ABC?Company?pays?for?merchandise?by?paying??cash?and?using?credit.??Credit?purchases??equal?80%?of?the?purchases.??Of?those??purchased?on?credit?the?purchases?are?paid?as?follows:??60%?the?current?month,?35%?in?the?month??following,?and?5%?in?the?second?month?following.??Assume?January?purchases?are?\$65,000.??How?much?of?the?January?purchases?are?paid?in??January?

Do not have to show work. Answers will be sufficient?

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