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The Sun Pacific Company budgeted the following sales: July 210,000 August 220,000 September 190,000 Sales in...

The Sun Pacific Company budgeted the following sales: July 210,000 August 220,000 September 190,000 Sales in May were 190,000 and in June 180,000. 60% of sales are cash, 30% of sales are to be collected the next month, and the remaining 10% in 2 months. Budgeted purchases of the required materials for production are: July 110,000 August 115,000 September 95,000 Purchases in June were 90,000. 70% of purchases are cash and 30% should be paid the next month. Direct Labor is 35% of purchases Selling Expenses are 8% of sales Other Fixed Expenses are $7,000 monthly Taxes of $25,000 will be paid in September Dividends of $30,000 will be paid in August Sun Pacific has a loan with $120,000 outstanding balance in June Interest expenses are 1% of the last month outstanding balance The firm cash policy is to maintain a $35,000 ending cash balance (the ending balance in June was $35,000). Excess should be used to repay loans. REQUIRED CALCULATE 20. Cash Sales in August 21. Cash receipts in July 22. Cash receipts in September 23. Cash payments in August 24. Cash payments in September 25. Loan outstanding balance in September 26. Interest payment in August 27. Preliminary Cash balance in September 28. Accounts payable for the next period (October) 29. If the company purchase a machine with a cost of $30,000 in September, does the company will need a loan 30. If the answer to 29 is yes, what will be the amount?

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