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  1. MolecuGene, Inc., is planning next month’s operations and has gathered the following past and projected sales data:




                                    October                       $80,000


                                    November                     60,000


                                    December                      50,000


                                    January                          55,000




40% of sales are cash sales.  Of the remaining credit sales, half are collected in the first month following the sale and the rest is collected in the second month following the sale.  Purchases of materials are 60% of sales and are acquired one month in advance.  Purchases are paid for with cash to avoid financing charges.  Staff salaries are $11,000 per month.  Equipment rental fees are $1,200 per month, while MolecuGene owns the building and is depreciating it at a rate of $1,500 per month. Utilities average 5% of sales and are paid in the month following their incurrence.  The Board of Directors has authorized dividends of $5,000 for common stockholders to be paid on December 31




            Prepare a cash budget for December indicating the surplus (deficit) of cash as of December 31.  The cash balance as of November 30 is $2,000.


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