You have the following income statement for a restaurant for the month of June. Sales Revenue 136550 Cost of Sales 31% of Sales Wages Expense 20.5% of Sales Operating Expenses $41,000 Rent Expense $17,500 Depreciation Expense $10,500 Operating Income $ Additional Information Actual sales revenue in May was $108,000 Actual purchases (cost of sales) in May was $69,000 Sales revenue is 25% cash Credit card sales revenue is 75% of total sales, of which 98% is collected in the month of sales, 2% is collected in the following month 40% of inventory purchases are paid in the month of purchase, the remaining 60% is paid in the following month Wages and operating expenses included in the income statement are paid in cash in June Cash balance at the end of May was 0217 Required: Calculate the actual cash balance at the end of June by preparing a cash budget
You have the following income statement for a restaurant for the month of June. Sales Revenue 136550 Cost of Sales 31% of Sales Wages Expense 20.5% of Sales Operating Expenses $41,000 Rent Expense $17,500
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