Use the following information to prepare a cash budget for Knightsbridge Corporation for the month of June 2012. The template of the cash budget is provided
below.

In May, 30-day credit sales were $175,000; 80% of this amount is estimated to be collectible in June.

June sales are estimated to be $425,000; cash sales are usually 25% of total sales. Only 10% of credit sales are collected in the month in which the sale is
made.

Total fixed expenses are $60,000 per month, including $26,000 depreciation. Variable expenses are 55% of sales. All expenses requiring payment are paid in cash
when incurred.

A $40,000 note payable must be paid on June 30.

As of May 31, the cash balance is $94,000.

KNIGHTSBRIDGECORPORATION

Cash Budget

For the Month of June 2012

Cash balance at beginning of monthAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.

Receipts:

Collections from customers:

May credit sales Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦

June credit salesAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.

June cash salesAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦

Total cash availableAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦..

Disbursements:

Fixed expenses Ac€¦Ac€¦Ac€¦.

Variable expenseAc€¦Ac€¦Ac€¦

Note payableAc€¦Ac€¦Ac€¦Ac€¦..

Cash balance at the end of the monthAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦…