rmation regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $53,000. Budgeted cash and credit sales for June are $141,000 and $596,000, respectively. Credit sales are made through Visa and MasterCard and are collected rapidly. Seventy five percent of credit sales is collected in the month
Lois Bragg owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in
Required
Compute the amount of funds Ms. Bragg needs to borrow for June.
Determine the amount of interest expense the restaurant will report on the June pro forma income statement.
What amount will the restaurant report as interest expense on the July pro forma income statement?
Note: Round your answers to 2 decimal places. Leave no cells blank.
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