phototec inc balance sheet/ cash=8k account recieveable=72k inventory=30k bldg.;equipement etc=500k total asset=610k/ liablilities stockholder equity account payable=90k note payable=15k capital stock=420k retained earning=85k total liabilities stockholder equity=610k this company is in the process of preparing a budget 4 june and has assembled the following data question-1.sale are budget at 250k for june of these sale 60k will be for cash the remain will be credit. one half of a months credit sales are collected in the month the sale are made and the remain is collected the following month/ all of the may 31 account recievable will be collected in june.2.purchase of inventory are expected to total 200k during june these purchase will all be on account/ 40 percent of all inventory purchase are paid for in the month of purchase the remain are paid in the following month. all of the may 31 accountablepayable to supplier will be paide during june.3.june 39 inventory balance is budget at 40k selling and and exp for june =51k; these exenese will be paid in cash deprecation is at 2000 for the month. the note payable on may 31balance sheet will be paid dring june.this company interested expense for june on all borrowing will be 500 which will be pid in cash. new warehouse equipment cost 9k will be purchase for cash during june.during june this company will borrow 18k from its bank by giving a new note payable t the bank for that amount this new note will be due in one yr. I need to prepare a cash budget 4 june I need to support this budget with a schedule of expected cash collection from sale and a schedule of expected cash dsbrsment 4 inventory purchas. prepare a budget income statement 4 june using absorption cos income statement I need to prepare a budget balance sheet as of june 30 can assit me jacdumb
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