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a. Complete the cash budget by filling in the missing amounts

a. Complete the cash budget by filling in the missing amounts

FINANCIAL ACCOUNTING
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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The accountant for Adams's Toy Shop prepared the following cash budget. Adams's desires to maintain a cash balance of $15,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month, and they do not need to be in increment amounts. The company does not have any outstanding debt prior to July interest is charged at the rate of 3 percent per month. Required: a. Complete the cash budget by filling in the missing amounts. Complete this question by entering your answers in the tabs below. Reg A 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 Section 1: Cash receipts Beginning cash balance Add cash receipts Total cash available Section 2: Cash payments For inventory purchases For S&A expenses For interest expense Total budgeted disbursements $ July 43,000 181,000 224,000 166,026 55,000 0 221,026 Auguet 201,000 140,730 61,060 September 241,600 174,652 61,932
Transcribed Image Text:The accountant for Adams's Toy Shop prepared the following cash budget. Adams's desires to maintain a cash balance of $15,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month, and they do not need to be in increment amounts. The company does not have any outstanding debt prior to July interest is charged at the rate of 3 percent per month. Required: a. Complete the cash budget by filling in the missing amounts. Complete this question by entering your answers in the tabs below. Reg A 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 Section 1: Cash receipts Beginning cash balance Add cash receipts Total cash available Section 2: Cash payments For inventory purchases For S&A expenses For interest expense Total budgeted disbursements $ July 43,000 181,000 224,000 166,026 55,000 0 221,026 Auguet 201,000 140,730 61,060 September 241,600 174,652 61,932
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