Orange Inc.

Budgeted Cash Receipts

For the Month Ending June 30,2021

Collections:
Cash Sales 120,000
Credit Sales: June 190,000
Credit Sales: May 144,000
Total Estimated Collections: 454,000

Orange Inc.
Budgeted Cash Payments
For the Month Ending June 30,2021

Accounts Payable - May 180,000

Purchases - June (400,000x40%) 160,000
Total Cash Payments 340,000

Orange Inc.
Cash Budgeted
For the Month Ending June 30,2021

Cash 16,000
Add: Receipt from customer 454,000
Total Cash Available 470,000
Less: Disbursement
Cash Payments 340,000
Operating Expense 102,000
Purchase of Equipment 18,000 460,000
Excess of receipts over disbursement 10,000

Financing:
Note Payable - Borrowings 36,000
Note Payable - Repayments (30,000)
Interest (1,000)
Total Financing 5,000
Total Cash Balance 15,000

Orange Inc.
Budgeted Income Statement
For the Month Ending June 30,2021

Sales 500,000
Less: Cost of Goods Sold
Beginning Inventory 60,000
Purchases 400,000
Goods Available for Sale 460,000
Inventory, Ending (80,000) 380,000
Grosss Profit 120,000
Operating Expenses (102,000+4,000) (106,000)
Net Operating Income 14,000
Interest Expense (1,000)
Net Income 13,000

Orange Inc.
Budgeted Statement of Financial Position
For the Month Ending June 30,2021

Assets
Current Assets:
Cash 15,000
Accounts Receivable (350,000x50%) 190,000
Inventories 80,000
Total Current Assets 285,000
Noncurrent Assets:
Buildings & Equipment 1,000,000
Purchases of Equipment 18,000
Less: Accumulated Depreciation (4,000)
Total Noncurrent Assets 1,014,000
Total Assets 1,299,000

Liabilities and Equity

Liabilities
Accounts Payable (400,000x60%) 240,000
Notes Payable 36,000
Total Liabilities 276,000
Equities
Share Capital 840,000
Retained Earnings (170,000+13,000) 183,000
Total Equity 1,023,000
Total Liabilities and Equity 1,299,000