Redding Company Has Budgeted Sales Revenues

Redding Company has as follows:
 
June July August
Credit sales 135,000 145,000 90,000
Cash sales 90,000 255,000 195,000
Total sales 225,000 400,000 285,000
 
Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. are:
 
June 300,000
July 250,000
August 105,000
 
 
Other : (a) selling and administrative expenses of $48,000 each month, (b) dividends of $105,000 will be paid in July, and (c) purchase of equipment in August for $30,000 cash. The company wishes to maintain a of $50,000 at the end of each month.
 
Instructions:
 
Prepare a cash budget for the months of July and August.

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