3. The Uthred Company, a merchandising firm, has planned the following sales forthe next four months:March$50,000Аpril$70,000Мay$90,000JuneJuly$90,000Total budgetedSales$60,000Sales are made 60% on account and 40% cash. From experience, the company haslearned that a month's sales on account are collected according to the followingpattern:Month of sale60%• First month following month of sale .• Second month following month of sale• Uncollectible28%10%2%Uthred has a building that is not used in the business operation; they rented it out andreceive $10,080 rent every month.The company requires a minimum cash balance of $14,000 to start a month. a) Compute the budgeted cash receipts for June.b) Assume the following budgeted data for June:$52,000$10,000$18,000$18,000.$12,000$4,000$5,700Purchases .Selling and administrative expenses .• Depreciation .Equipment purchases• Dividend payment• Tax payment..• Cash balance, beginning of JuneUsing this data, along with your answer to part (1) above, prepare a cash budget ingood form for June. The company can borrow in any dollar amount, but will not payany interest until the following month.

Budgets are estimates or forecasts that are made for the future. These are the quantitative form for…

a) Compute the budgeted cash receipts for June. b) Assume the following budgeted data for June: • Purchases .. • Selling and administrative expenses • Depreciation . Equipment purchases • Dividend payment . • Tax payment.. • Cash balance, beginning of June. $52,000 $10,000 $18,000 $18,000 .$12,000 $4,000 $5,700 Using this data, along with your answer to part (1) above, prepare a cash budget in good form for June. The company can borrow in any dollar amount, but will not pay any interest until the following month.

a) Compute the budgeted cash receipts for June. b) Assume the following budgeted data for June: • Purchases .. • Selling and administrative expenses • Depreciation . Equipment purchases • Dividend payment . • Tax payment.. • Cash balance, beginning of June. $52,000 $10,000 $18,000 $18,000 .$12,000 $4,000 $5,700 Using this data, along with your answer to part (1) above, prepare a cash budget in good form for June. The company can borrow in any dollar amount, but will not pay any interest until the following month.

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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Please help me solve the white squares on the Budgeted balance sheet!
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I ne Tollowing information is available from various budgets for the current period: Account Cash Accounts Receivable Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense - Equipment (expense incurred during the period) Budget Cash budget Amount $20,000 Schedule of cash receipts from customers 38,000 Inventory, purchases, and cost of goods sold budget 47,000 Selling and administrative expense budget 2,000 Capital expenditures budget 31,000 Selling and administrative expense budget 1,000 The following balances are available from the balance sheet at the end of the previous year: Prepaid Insurance Equipment Accumulated Depreciation Equipment $6,000 22,000 1,000 What would be the amount of total assets on the budgeted balance sheet?
The controller of Ultramint Company wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2008. June 30, 2008 cash balance ... Dividends to be declared on July 15* Cash expenditures to be paid in July for operating expenses Amortization expense.... Cash collections to be received ... $ 90,000 24,000 73,600 9,000 178,000 112,400 41,000 50,000 Merchandise purchases to be paid in cash Equipment to be purchased for cash. …….. Ulramint Company wishes to maintain a minimum cash balance of .... *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: Prepare a cash budget for the month ended July 31, 2008, indicating how much, if anything, Ultramint will need to borrow to meet its minimum cash requirement.
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not graded... please help Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $74,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $50,000 and budgeted credit sales are $490,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale. 2. Budgeted merchandise purchases for May are $270,000. (Merchandise purchases in April were $240,000.) In the month of purchase, 70% of merchandise purchases are paid for, and the balance is paid for in the following month. 3. Budgeted cash disbursements for salaries and operating expenses for May total $155,000. 4. During May, $25,000 of principal repayment and $4,000 of interest payment are due to the bank. 5. A $20,000 income…
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The income statement for the first quarter of 2019 was as follows: Income Statement For the Quarter Ended March 31, 2019 Sales Cost of goods sold Gross profit Operating expenses ales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses Net income $52,000 24,000 12,000 3,600 12,800 $720,000 396,000 324,000 104,400 $219,600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020.
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Budgeted cash payments. Would I begin with Cost of Direct materiasl purchase of April-3,010, May-3,650,June-4,015, 2nd Quarter -10,675?