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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Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. April $ 30,000 June Budgeted Sales Cash payments for merchandise purchases May $ 42,000 $ 26,000 24,200 14,800 13,500 Sales are 80% cash and 20% on credit. Sales in March were $26,000. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $14,000 in cash and $4,000 in loans payable. A minimum cash balance of $14,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $12,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (4% of sales), office salaries ($7,000 per month), and rent ($5,000 per…
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KAYAK COMPANYCash Budget JanuaryFebruaryMarchBeginning cash balance$30,000 $30,000 Add: Cash receipts525,000 400,000 450,000 Total cash available555,000 430,000 Less: Cash payments for All items excluding interest Interest on loan Total cash payments0 0 0 Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balanceLoan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month$0 $0 $0
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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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! Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July $ 56,000 August $ 72,000 September $ 56,000 Budgeted sales Budgeted cash payments for Direct materials 15,560 3,440 19,600 12,840 2,760 16,200 13,160 2,840 16,600 Direct labor Overhead Sales to customers are 20% cash and 80% on credit. Sales in June were $53,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $47,000 in cash and $4,400 in loans payable. A minimum cash balance of $47,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $47,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $47,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales…
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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