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Merchandise purchases are paid in two steps - half at the time of purchase and the reminder during the month following purchase. Accounts payable for merchandising purchase on June 30, which will be paid during July totaled $80,000. 4. The company uses the straight line method for calculating depreciation. The depreciation expense per year is $120,000. 4. Equipment costing $15,000 will be purchased for cash during July. 5. Dividends of $20,000 will be paid in July. 6. The company has decided to rent another store from the coming quarter at $5,000 per month from October. The month before renting the store the company will have to pay two month's rent in advance. 7. In preparing the cash budget, assume that the $30,000 loan will be made in July and repaid in September. The quarterly interest rate on the loan is 5%. Required: 1. Prepare the expected cash collection schedule for July, August and September and for the quarter in total. 2. Prepare the cash budget, by month and in total, for…

Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Cash Cash Receipts $519,000 407,500 455,000 раynente $461,400 349,900 524,000 January February March According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month, The company repays loan principal with any cash in excess of $50,000 on the last day of each month. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. ces Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be…

N3R Care Company, a distributor of herb-based sunscreens, is ready to begin its fourth quarter in which peak sales occur. The company has requested a $94,000, 90-day loan from its bank to help meet cash requirements during the quarter. Since the company has experienced difficulty paying off its loans in the past, the loan officer at the bank has asked the company to prepare a cash budget for the quarter. In response to this request, the following data has been assembled. i. On October 1, the beginning of the fourth quarter, the company will have a cash balance of $71,500. ii. Actual sales for the last two months and budgeted sales for the fourth quarter follow: 300,000 400,000 August (actual).... September (actual). October (budgeted).. November (budgeted). December (budgeted).. ********* Past experiences show that 50% of a month's sales are cash sales. For credit sales, 50% is collected in the month following the sale, and 40% is collected in the second month following the sale. The…

The Hubbard Corporation is a distributor of hair care products and is ready to start the third quarter, in which its peak sales occur. The company has requested a $100,000, 90-day loan from its bank to help them meet their cash requirements for the third quarter. Since Hubbard Corporation has experienced difficulty in paying off their loans in previous years, the loan officer has requested the company prepare a cash budget for the third quarter. The following data has been gathered by the staff. On July 1, 2021, the beginning of the third quarter, the company will have a cash balance of $75,000. Actual sales for the last 2 months and budgeted sales for the third quarter (all sales are on account). Month Amount in Dollars ($)  May (actual)  500,000  June (actual)  480,000  July (budgeted)  520,000  August (budgeted)  550,000  September (budgeted)  600,000 Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month…

The Hubbard Corporation is a distributor of hair care products and is ready to start the third quarter, in which its peak sales occur. The company has requested a $100,000, 90-day loan from its bank to help them meet their cash requirements for the third quarter. Since Hubbard Corporation has experienced difficulty in paying off their loans in previous years, the loan officer has requested the company prepare a cash budget for the third quarter. The following data has been gathered by the staff. On July 1, 2021, the beginning of the third quarter, the company will have a cash balance of $75,000. Actual sales for the last 2 months and budgeted sales for the third quarter (all sales are on account). Month Amount in Dollars ($)  May (actual)  500,000  June (actual)  480,000  July (budgeted)  520,000  August (budgeted)  550,000  September (budgeted)  600,000 Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month…

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Herbal Care Corp. a distributor of herb-based sunscreens, is ready to begin its third quarter, in which peak sales occur. The company has requested a $40,000, 90-day loan from its bank to help meet cash requirements during the quarter. Since Herbal Care has experienced difficulty in paying off its loans in the past, the loan officer at the bank has asked the company to prepare a cash budget for the quarter. In response to this request, the following data have been assembled: On July 1, the beginning of the third quarter, the company will have a cash balance of $44,500. Actual sales for the last two months and budgeted sales for the third quarter follow (all sales are on account): May (actual)………………$250,000 June (actual) ……………..$300,000 July (budgeted) …………..$400,000 August (budgeted) ………..$600,000 September (budgeted) ……$320,000 Past experience shows that 25% of a month's sales are collected in the month of sale, 70% in the month following sale, and 3% in the second month following…

Northern Company is preparing a cash budget for June.  The company has $12,000 cash at the beginning of June and anticipates $30,000 in cash receipts and $34,500 in cash disbursements during June.  Northern Company has an agreement with its bank to maintain a cash balance of at least $10,000.  As of May 31, the company owes $15,000 to the bank.  To maintain the  $10,000 required balance, during June the company must:

Western Company is preparing a cash budget for June. The company has $10,100 cash at the beginning of June and anticipates $31,900 in cash receipts and $38,300 in cash disbursements during June. Western Company has an agreement with its bank to maintain a minimum cash balance of $10,000. As of May 31, the company owes $15,000 to the bank. To maintain the $10,000 required balance, during June the company must:       Borrow $6,300.   Borrow $10,000.   Repay $6,300.   Repay $3,700.   Borrow $6,400.

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Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts. Cash payments $ 524,000 $ 465,300 406,500 461,000 347,800 523,000 Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Beginning cash balance. Add: Cash receipts Total cash available Less: Cash payments for All items excluding…

Western Company is preparing a cash budget for June. The company has $10,600 cash at the beginning of June and anticipates $31,400 in cash receipts and $37,300 in cash disbursements during June. Western Company has an agreement with its bank to maintain a minimum cash balance of $10,000. As of May 31, the company owes $15,000 to the bank. To maintain the $10,000 required balance, during June the company must: Borrow $5,900 Borrow $10,000 Borrow $5,300 Repay $4,700 Repay $5,300

The accountant for Jean’s Dress Shop prepared the following cash budget. Jean’s desires to maintain a cash cushion of $10,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 1 percent per month.   Required Complete the cash budget by filling in the missing amounts. Determine the amount of net cash flows from operating activities Jean’s will report on the third quarter pro forma statement of cash flows. Determine the amount of net cash flows from financing activities Jean’s will report on the third quarter pro forma statement of cash flows.

The accountant for Jean’s Dress Shop prepared the following cash budget. Jean’s desires to maintain a cash cushion of $10,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 1 percent per month. Required Complete the cash budget by filling in the missing amounts. Determine the amount of net cash flows from operating activities Jean’s will report on the third quarter pro forma statement of cash flows. Determine the amount of net cash flows from financing activities Jean’s will report on the third quarter pro forma statement of cash flows.a.          Cash Budget July August September Section 1: Cash receipts       Beginning cash balance $25,000     Add cash receipts 90,000 100,000 120,300 Total cash available 115,000     Section 2: Cash payments       For inventory purchases 82,750 70,115 87,076 For S&A expenses 27,250 30,280 30,716 For interest…

Eastern Enterprises is preparing a cash budget for June. Eastern has $12,000 cash at the beginning of June and anticipates $30,000 in cash receipts and $34,500 in cash disbursements during June. Eastern Enterprises has an agreement with its bank to maintain a cash balance of at least $10,000. As of May 31, Eastern owes $15,000 to the bank. To maintain the $10,000 required balance, during June Eastern must: Group of answer choices:   1)Borrow $10,000. 2)Borrow $ 2,500. 3)Repay $ 2,500. 4)Borrow $ 4,500. 5)Repay $ 7,500.

The accountant for Munoz’s Dress Shop prepared the following cash budget. Munoz’s desires to maintain a cash cushion of $24,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 3 percent per month.   Required Complete the cash budget by filling in the missing amounts. Determine the amount of net cash flows from operating activities Munoz’s will report on the third quarter pro forma statement of cash flows. Determine the amount of net cash flows from financing activities Munoz’s will report on the third quarter pro forma statement of cash flows.

Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts $519,000 412,000 460,000 Cash payments $466,900 359,900 532,000 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $50,000 on the last day of each month. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be…

Todd Enterprises is preparing a cash budget for the second quarter of the coming year. The following data have been forecasted: Sales. Merchandise purchases Operating expenses: Payroll.. Advertising Rent. Depreciation End of April balances: Cash Bank loan payable. May April $150,000 $157,500 107,000 112,400 13,600 5,400 2,500 7,500 30,000 26,000 14,280 5,700 2,500 7,500 Additional data: (1) Sales are 40% cash and 60% credit. The collection pattern for credit sales is 50% in the month following the sale and 50% in the month thereafter. Total sales in March were $125,000. (2) Purchases are all on credit, with 40% paid in the month of purchase and 60% paid in the following month. (3) Operating expenses are paid in the month they are incurred. (4) A minimum cash balance of $25,000 is required at the end of each month. (5) Loans are used to maintain the minimum cash balance. At the end of each month, interest of 1% per month is paid on the outstanding loan balance as of the beginning of the…

The following information was taken from Vaughn Manufacturing’s cash budget for the month of July: Beginning cash balance $485000 Cash receipts 329000 Cash disbursements 536000 If the company's policy is to maintain a minimum end of the month cash balance of $480000, the amount the company would have to borrow in July is

Hoppy Company requires a minimum cash balance of $3,500. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. |per year. The company has already Hoppy Company Cash Budget For the Three Months Ended March 31 January February March Total Beginning cash balance 24 3,500 Cash receipts 19,000 27,500 42,000 88,500 Cash available 22,500 Cash payments: All expenses except interest 34,000 35,000 39,000 108,000 Interest expense Total cash payments 34,000 Ending cash balance before fiOnancing Minimum cash balance desired (3,500) (3,500) (3,500) (3,500) (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the…

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The accountant for Baird's Dress Shop prepared the following cash budget. Baird's desires to maintain a cash balance of $24,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 1 percent per month. Required a. Complete the cash budget by filling in the missing amounts. b. Determine the amount of net cash flows from operating activities Baird's will report on the third quarter pro forma statement of cash flows. c. Determine the amount of net cash flows from financing activities Baird's will report on the third quarter pro forma statement of cash flows. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the cash budget by filling in the missing amounts. Note: Any shortages or repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount. Cash Budget July August September Section 1: Cash receipts Beginning cash balance…

Fact Pattern: The Raymar Company is preparing its cash budget for the months of April and May. The firm has established a $200,000 line of credit with its bank at a 12% annual rate of interest on which borrowings for cash deficits must be made in $10,000 increments. There is no outstanding balance on the line of credit loan on April 1. Principal repayments are to be made in any month in which there is a surplus of cash. Interest is to be paid monthly. If there are no outstanding balances on the loans, Raymar will invest any cash in excess of its desired end-of-month cash balance in U.S. Treasury bills. Raymar intends to maintain a minimum balance of $100,000 at the end of each month by either borrowing for deficits below the minimum balance or investing any excess cash. Expected monthly collection and disbursement patterns are shown below. . . . Collections: 50% of the current month's sales budget and 50% of the previous month's sales budget Accounts Payable Disbursements: 75% of the…

4. On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. Month Credit Sales $ 300,000 (actual) 400,000 (actual) 625,000 (estimated) 876,000 (estimated) 800,000 (estimated) January February Ask March April May The company's collection activity on credit sales historically has been as follows. Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts 50% 30 15 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or tinvesting activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March. April, and May Cash balance on March 31 Cash…

The accountant for Stuarts Dress Shop prepared the following cash budget. Stuarts desires to maintain a cash balance of $19,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 2 percent per month. Required Complete the cash budget by filling in the missing amounts.Determine the amount of net cash flows from operating activities Stuarts will report on the third quarter pro forma statement of cash flows.Determine the amount of net cash flows from financing activities Stuarts will report on the third quarter pro forma statement of cash flows.