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Lansing Auto Parts, INC, has projected sales of $25,000 in October, $35,000 in November, and $30,000 in December

Lansing Auto Parts, INC, has projected sales of $25,000 in October, $35,000 in November, and $30,000 in December
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Lansing Auto Parts, INC, has projected sales of $25,000 in October, $35,000 in November, and $30,000 in December. Of the company’s sales, 20 percent are paid for by cash and 80 percent are sold on credit. The credit sales are collected one month after sale. Determine collections for November and December. Also, assume that the company’s cash payments for November and December are $30,400 and $29,800, respectively. The beginning Cash Balance in November is $6,000, which is the desired minimum balance. Prepare a cash budget with borrowing needed or repayments for November and December. NOTE: This question is NOT our property; we are only suggesting solution of this question.

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