La Famiglia Pizzeria provided the following information for the month of October: Sales are budgeted to be $157,000. About 85 percent…

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La Famiglia Pizzeria provided the following information for the month of October:

  1. Sales are budgeted to be $157,000. About 85 percent of sales are cash; the remainder are on account.
  2. La Famiglia expects that, on average, 70 percent of credit sales will be paid in the month of sale, and 28 percent will be paid in the following month.
  3. Food and supplies purchases, all on account, are expected to be $116,000. La Famiglia pays 25 percent in the month of purchase and 75 percent in the month following purchase.
  4. Most of the work is done by the owners, who typically withdraw $6,000 a month from the business as their salary. (Note: The $6,000 is a payment in total to the two owners, not per person.) Various part-time workers cost $7,300 per month. They are paid for their work weekly, so on average 90 percent of their wages are paid in the month incurred and the remaining 10 percent in the next month.
  5. Utilities average $5,950 per month. Rent on the building is $4,100 per month.
  6. Insurance is paid quarterly; the next payment of $1,200 is due in October.
  7. September sales were $181,500 and purchases of food and supplies in September equaled $130,000.
  8. The cash balance on October 1 is $2,147.

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If required, round to the nearest dollar.

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