A145677 Beginning cash balance3 Required: Prepare monthly cash budgets for January, February, and March.KAYAK COMPANY800Jx Accessibility9 Total cash available10 Less: Cash payments for11 All items excluding interest12Interest on loan13 Total cash payments14 Preliminary cash balance1516 Ending cash balance17B18 Loan balance - Beginning of month19 Additional loan (loan repayment)20 Loan balance, end of month2122Cash BudgetJanuaryLoan balance0C$0February0$0DMarch$0E H13A56 January7 February8MarchaA3313fxKayak Company budgeted the following cash receipts (excluding cash receipts fromloans received) and cash payments (excluding cash payments for loan principal and3 interest payments) for the first three months of next year. (Click on the GradedWorksheet Tab below.)ВMinimum cash balance14 Monthly interest rate15 January 1 cash balanceCCash Receipts Cash payments$525,000$475,000400,000350,000450,000525,000Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken tomeet this requirement charge 1% interest per month, paid at each month-end. The10 interest is computed based on the beginning balance of the loan for the month. Anypreliminary cash balance above $30,000 is used to repay loans at month-end. Thecompany has a cash balance of $30,000 and a loan balance of $60,000 at January 1.$30,0001%$30,000$60,000D16 January 1 loan balance.1718 Required: Prepare monthly cash budgets for January, February, and March.19EFGH

Cash budget is a financial report that represents company's estimation of cash inflows and outflows…

Answered: 3 Required: Prepare monthly cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cash Budget Brindle Arts had the following Cash Budget for Quarter 1, 2022. The company requires a minimum cash balance of $ 50,000 Fill in the missing values: **If a cell has a value of 0, type the 0. A blank cell will be marked as incorrect. January February March Quarter 1 Beginning Cash balance $ 50,000 $ 166,756 $ 50,000 Add cash collections Total cash available $ 662,638 $ 673,643 $ 812,693 $ 1,931,075 Less total cash disbursements: Purchases $ 185,078 $ 189,439 Direct labor $ 86,875 $ 82,875 $ 249,750 Variable manufacturing OH $ 65,156 $ 62,156 $ 187,313 Fixed manufacturing OH $ 83,333 $ 83,333 Variable S&A $ 38,750 $ 43,750 $ 125,000 Fixed S&A $ 38,333 $ 38,333 Equipment $ 150,000 $…
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K Video Brian's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: (Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January and February combined. 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28? Requirement 1a. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined. Brian's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 Cash sales Collection on credit sales Total cash collections January More info a. Sales are 60% cash and 40% credit. Credit sales are…
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Personal Budget 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) $8,860 Purchase season football tickets in September 120 Additional entertainment for each month 310 Pay fall semester tuition in September 4,800 Pay rent at the beginning of each month 430 Pay for food each month 240 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,100 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 Kovar Cash Budget For the Four Months Ending December 31 September…
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Problem 6 Tomtom store seeks your assistance to develop cash and other budget information for May, June, and July 2009. On April 30, 2009, the company had cash balance of Php5,500. The budget is based on the following assumptions: A. Sales 1. Each month's sales are billed on the last day of the month 2. Customers are allowed 3% discount if payment is made within 10 days after the billing date. Accounts receivable are booked gross. 3. Sixty percent of the billings are collected within the discount period, 25% are collected by the end of the month where discount period is allowed, 9% are collected by the end of the end second month, and 6% prove uncollectible. B. Purchases 1. 54% of all purchases of materials and selling, general and administrative expenses are paid at the month purchased and the remainder in the following month. 2. Each month's unit of ending inventory is equal to 130% of the month's units of sales. 3. The cost of each unit of inventory is P20. 4. Selling, general and…
Personal Budget At the beginning of the school year, Katherine Malloy 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 $5,750 job) Purchase season football tickets in September 210 Additional entertainment for each month 275 Pay fall semester tuition in September 3,700 Pay rent at the beginning of each month 600 Pay for food each month 235 Pay apartment deposit on September 2 (to be 500 returned December 15) Part-time job earnings each month (net of 1,400 taxes) a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign. Katherine Malloy Cash Budget For the Four Months Ending December 31 September…

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