La Famiglia Pizzeria provided the following information for the month of October: a. Sales are budgeted to be $157,000. About 85% of sales is cash: the remainder is on account. b. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month. c. Food and supplies purchases, all on account, are expected to be $116,000. La Famiglia pays 25% in the month of purchase and 75% in the month following purchase. d. Most of the work is done by the owners, who typical withdraw $6,000a month from the business as their salary. Various part-time workers cost $7,300 per month. They are paid for their work weekly, so on average 90% of their wages is paid in the month incurred and the remaining 10% in the next month. e. Utilities average $5,950 per month. Rent on the building is $4,100 per month. f. Insurance is paid quarterly: the next payment of $1,200 is due in October. g. September sales were $181,500 and purchases of food and supplies in September equaled $130,000. h. The cash balance on October 1 is $2,147. Required: Calculate the cash receipts expected in October. Calculate the cash needed in October to pay for food purchases. Prepare a cash budget for the month of October.

1. The La Famiglia Pizzeria cash receipt expected in October, 2019 is  $ 9,404,047.00

2. The La Famiglia Pizzeria cash needed in October to pay for food & supplies in October, 2019 is $29,000.00.

3. The La Famiglia Pizzeria Cash Budget in October, 2019 is demonstrated bellow in the Step-by-Step explanation section.

Step-by-Step Explanation:

THE CASH BUDGET OF LA FAMIGLIA PIZZERIA FOR THE MONTH OF OCTOBER 2019 ($)

Opening                                                             2,147.00

Cash at Hand                                             9,106,000.00

Add Purchases                                               29,000.00

Cost of Goods available for Sale               9,137,147.00        

Add: Cash Sales (85%)                                  157,000.00

Paid for credit sales                                        109,900.00

Cost of Goods Sold                                    9,404,047.00

Less Operating Expenses

Salaries                                                            6,000.00      

Wages (90% of &7,300)                                   6,570.00

Utilities                                                             5,950.00

Rent                                                                  4,100.00

Insurance                                                         1,200.00

Total                                                                 23,820.00

Gross Profit                                                     916,627.00                          

49%

step-by-step explanation:

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