# Schedules of Expected Cash Collections and Disbursements

Problem 9-9 Schedules of Expected Cash Collections and Disbursements [LO2, LO4, LO8]
Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available:

a. The cash balance at the beginning of September is \$9,000.
b. Actual sales for July and August and expected sales for September are as follows:

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July August September
Cash sales \$ 6,500 \$ 5,250 \$ 7,400
Sales on account 20,000 30,000 40,000
Total Sales \$ 26,500 \$ 35,250 \$ 47,400
________________________________________
Sales on account are collected over a three-month period as follows: 10% collected in the month of sale, 70% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible.
c. Purchases of inventory will total \$25,000 for September. Twenty percent of a month’s inventory purchases are paid for during the month of purchase. The accounts payable remaining from August’s inventory purchases total \$16,000, all of which will be paid in September.
d. Selling and administrative expenses are budgeted at \$13,000 for September. Of this amount, \$4,000 is for depreciation.
e. Equipment costing \$18,000 will be purchased for cash during September, and dividends totaling \$3,000 will be paid during the month.
f. The company maintains a minimum cash balance of \$5,000. An open line of credit is available from the company’s bank to bolster the cash position as needed.

Requirement 1:

September cash sales \$

September collections on account:
July sales

August sales

September sales

Total cash collections \$

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