Mi casa corporation wishes | Business & Finance homework help

Mi Casa Corporation wishes to prepare a cash budget for November 20×9. Sales, purchases, and expenses for October (actual) and November and December (estimated) are as follows:
Sales Purchases Expenses
October $48,000 $35,000 $14,000
November 40,000 30,000 11,000
December 45,000 22,000 9,500 Sales:

All sales are on credit, and the company’s experience shows that, on the average, 80 percent of sales are collected in the month of sale and the balance in the following month. A 2% discount is allowed on all collections in the month of sale.

Purchases: The company pays 60 percent of purchases in the month of purchase and the balance in the following month.

Expenses: The monthly expenses for November include charges for depreciation amounting to $1,000 and $100 of prepaid expenses, which will expire. All other expenses are paid as incurred.

Other: On September 1, 20×9, a new machine was purchased for $5,000. A down payment of $500 was made, and it was agreed that the balance would be paid in equal installments in the following three months.


A) The cash receipts in NOVEMBER for October sales
B) The Cash receipts in November for November sales
C) The Cash payments in November for purchases
D) The cash payments in November for Expenses following receipts in November are expected to be (show your work):

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