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Lansing Auto Pats, Inc. has projected sales of $25,000 in October , $35,000 in Novem
Lansing Auto Pats, Inc. has projected sales of $25,000 in October , $35,000 in November, and $30,000 in December of the company’s sales 20 percent are paid for by cash and 80 percent are sold on credit. The credit sales are collected one month after the sale. Determine collections for November and December. Also assume that the company’s cash payment for November and December are $30,400 and $29,800, respectively. The beginning balance in November is $6,000, which is desired minimum balance. Prepare a cash budget with borrowing needed or repayments for November and December. (you will need to prepare a cash receipts schedule first.)
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