Budget in Service Company Assignment (1) (1) (4)

Budget in Service Company (Cash Budget) Edge Soccer Program (Edge) began the year with a cash balance of $10,500. The budget forecasts that collections from customers owed to the company will be $11,000 in January and $15,200 in February. The soccer program is also supposed to receive $8,500 in January on a note receivable from a soccer club that owes Edge for training. Edge plans to purchase soccer equipment in January and February with cash. The budgeted amounts of the purchases are $15,600 in January and $14,800 in February. Operating costs for the business is $2900 per month. Edge must maintain a minimum cash balance of $10,000 in their bank account at all times. If the amount in the bank account falls below $10,000, then bank extends credit to Edge immediately in multiples of $1000. Edge pays back any amounts borrowed each quarter in payments of $2000 plus 4% interest. The first payment occurs three (3) months after the bank has extended edge credit. Requirement Prepare a cash…

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owa Imaging Center provided the financial information in Exhibit 5.15 below.  Prepare a cash budget for the quarter ending March 20X1.  For Blackboard you will enter your ENDING cash balance for the months of  January 20X1, February 20X1, March 20X1, and the Quarter ending March 20X1.  I want you to submit your work for this problem by email so I can review the entire document. Exhibit 5-15 Iowa Imaging Center                             Givens               Revenues and Expenses                                   Patient Revenues, 20X0   Estimated Patient Revenues, 20X1     Given 1 October $4,000,000 Given 2 January $4,300,000       November $4,200,000   February $4,350,000       December $4,300,000   March $4,400,000                                     Other Revenues, 20X1   Estimated Cash Outflows, 20X1a     Given 3 January $90,000 Given 4 January $4,250,000…

Required 1. Prepare a cash receipts budget schedule for each of the first three months (July – September), including the total receipts per month 2. Prepare a material purchases budget schedule for each of the first three months (July – September), including the total purchases per month 3. Prepare a cash budget for the month of July. Include the owners’ cash contributions

Tamarisk Garden Center has the following cash budget information available for the month of August: Beginning cash balance Cash receipts from sales and collections on account Collection of note receivable and interest Cash disbursements for operating expenses The company would have to $129,000 eTexthonk and Media 115,000 8,100 If the company has a policy of maintaining an end of the month cash balance of $120,000, determine the amount the company would have to borrow or the amount of excess cash it will have to invest in August. 96,400 SUPPORT

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Schedule of Expected Cash Collections; Cash Budget The president of the retailer Prime Products has just approached the company’s bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $24,000. Accounts receivable on April 1 will total $140,000, of which $120,000 will be collected during April and $16,000 will be collected during May. The remainder will be uncollectible. b. Past experience shows that 30% of a month’s sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never…

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 a. Complete the cash budget by filling in the missing amounts. b. Determine the amount of net cash flows from operating activities Jean's will report on the third quarter pro forma statement of cash flows. c. Determine the amount of net cash flows from financing activities Jean'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. (Any shortages or repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.) Cash Budget Section 1: Cash receipts Beginning cash balance Add cash receipts Total cash…

Calculate the accounts payable balance on the Balance Sheet for the month September. Prepare a cash budget for the month of September.

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How to solve Personal Budgeting problem?

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At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job)..... $9,250  Purchase season football tickets in September.....160 Additional entertainment for each month.....250 Pay fall semester tuition in September......4,800 Pay rent at the beginning of each month.....600 Pay for food each month....550 Pay apartment deposit on September 2 (to be returned December 15).....600 Part-time job earnings each month (net of taxes)....1,200 a.  Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. b.  Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?…

At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Line Item Description Amount Cash balance, September 1 (from a summer job) $7,870 Purchase season football tickets in September 110 Additional entertainment for each month 270 Pay fall semester tuition in September 4,200 Pay rent at the beginning of each month 380 Pay for food each month 220 Pay apartment deposit on September 2 (to be returned December 15) 500 Part-time job earnings each month (net of taxes) 980 Question Content Area a.  Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig KovarCash BudgetFor the Four Months Ending…

The owner of a plumbing supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,486. b. Actual sales for April and May are as follows: Cash sales Credit sales Total sales April May $10,000 28,900 $18,000 $38,900 35,000 $53,000 c. Credit sales are collected over a 3-month period: 30% in the month of sale, 40% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 68% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner f. Rent is $5,200 per month. 9. Taxes to be paid in June are $6,780. The owner also tells you that he…

Kellogg Company’s financial managers are meeting with the company’s bank to renew their line of credit and discuss their investment needs. They have prepared the company’s operating cash budget for the last six months of the year. The following budget assumptions were used to construct the budget: • Kellogg’s total sales for each month were first calculated in the sales budget and are reflected on the first line of the cash budget. • Kellogg’s sales are made on credit with terms of 2/10, net 30. Kellogg’s experience is that 25% is collected from customers who take advantage of the discount, 65% is collected in the second month, and the last 10% is collected in the third month after the sale. The budget assumes that there are no bad debts. • The cost of materials averages 55% of Kellogg’s finished product. The purchases are generally made one month in advance of the sale, and Kellogg pays its suppliers in 30 days. Accordingly, if July sales are forecasted at $110.00 million,…

Direct Labor Budget for Service The School of Accounting (SOA) at State University is planning its annual fundraising campaign for accounting alumni. This year, the SOA is planning a call-a-thon and will ask Beta Alpha Psi members to volunteer to make phone calls to a list of 5,000 alumni. The Dean's office has agreed to let Beta Alpha Psi use their offices from 6 p.m. to 9 p.m. each weekday so that they will have access to phones. Each volunteer will be provided with a phone and a script with an introduction and suggested responses to various questions that had been asked in the past. Carol Johnson, Beta Alpha Psi faculty advisor, estimates the following: 1. Of the 5,000 phone numbers, roughly 10 percent will be wrong numbers (because alumni change addresses and phone numbers without updating State University) In that case, the student is instructed to apologize to the answering party, hang up, and move on to the next phone number. Each of these calls takes about three minutes. 2.…

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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…

Direct Labor Budget for Service The School of Accounting (SOA) at State University is planning its annual fundraising campaign for accounting alumni. This year, the SOA is planning a call-a-thon and will ask Beta Alpha Psi members to volunteer to make phone calls to a list of 7,000 alumni. The Dean's office has agreed to let Beta Alpha Psi use their offices from 6 p.m. to 9 p.m. each weekday so that they will have access to phones. Each volunteer will be provided with a phone and a script with an introduction and suggested responses to various questions that had been asked in the past. Carol Johnson, Beta Alpha Psi faculty advisor, estimates the following: Of the 7,000 phone numbers, roughly 10 percent will be wrong numbers (because alumni change addresses and phone numbers without updating State University). In that case, the student is instructed to apologize to the answering party, hang up, and move on to the next phone number. Each of these calls takes about three minutes. Another…

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The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: Sales Manufacturing costs Selling and administrative expenses Capital expenditures Estimated cash receipts from: Cash sales Collection of accounts receivable May July $90,000 $109,000 $148,000 Sonoma Housewares Inc. Cash Budget Total cash receipts Estimated cash payments for: Manufacturing costs Dividends 38,000 26,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 75% are expected to be…

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I only need the Unpaid Expenses x Percent to Pay help. Thank you.  Schedule of Cash Payments for a Service Company EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January–March). The Accrued Expenses Payable balance on January 1 is $15,000. The budgeted expenses for the next three months are as follows:   January February March Salaries $56,900   $ 68,100   $ 72,200   Utilities 2,400   2,600   2,500   Other operating expenses 32,300   41,500   44,700   Total $91,600   $112,200   $119,400   Other operating expenses include $3,000 of monthly depreciation expense and $500 of monthly insurance expense that was prepaid for the year on May 1 of the previous year. Of the remaining expenses, 70% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on January 1 relates to the expenses incurred in December. Prepare a schedule of cash payments for…

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