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director, has completed the following sales forecast 12,se0 September 40 percent two months after month after the sale, and the r . The of sale 30 percent has been paid two months after receipt Hourly wages and fringe benefits, estimated to be 30 percent of the current months sales, are paid in the month incurred. . in the following at the end of each quarter 2, see 1,600
subject to an income-tax rate of 40 percent. Alpha-Techs operating income for the first quarter of 20x5 is projected to be $3,100,000. The company pays 100 percent of the estimated tax payment Alpha-Tech maintains a minimum cash balance of $520,000. If the cash balance is less than $520,000 at the end of each month, the company borrows amounts necessary to maintain this balance. All amounts borrowed are repaid out of the subsequent positive cash flow. The projected April 1, 20x5, opening balance is $520,000. . Alpha-Tech has no short-term debt as of April 1, 20x5 . Alpha-Tech uses a calendar year for both financial reporting and tax purposes. ped Required: 1 Prepare a cash budget for Alpha-Tech by month for the second quarter of 20x5. For simplicity, ignore any interest expense associated with borrowing. (Negative amounts should be indicated by a minus sign.) Cash Budget For the Second Quarter of 20x5 ary sales March sales April sales Total receipts Accounts payable
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