Beginning cash balanceAdd: Cash receiptsTotal cash availableLess: Cash payments forInterest on loanAll items excluding interestTotal cash paymentsPreliminary cash balanceLoan activityAdditional loan (loan repayment)Ending cash balanceLoan balance - Beginning of monthAdditional loan (loan repayment)Loan balance, end of monthAnswer is not complete.KAYAK COMPANYCash Budget$JanuaryFebruary30,000 $ 30,000 $523,000401,000553,000431,000$600463,200463,80089,200(59,200)$Loan balance$30,000 $60,000 $8341,200341,20889,792(59,200)(59,792) ►800(59,792)800 $ 58,99230,000 $$March30,000 X471,000501,0000533,000533,00031,700 X1,700 X30,00058,9921,700

Name: Beginning cash balanceAdd: Cash receiptsTotal cash availableLess: Cas
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Description: Beginning cash balanceAdd: Cash receiptsTotal cash availableLess: Cash payments forInterest on loanAll items excluding interestTotal cash paymentsPreliminary cash balanceLoan activityAdditional loan (loan repayment)Ending cash balanceLoan balance -

Cash Budget is prepared to estimate the cash requirement in the future period(s).It helps in…

Business

Accounting

Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January $ 30,000 523,000 553,000 $ 600 463,200 463,800 89,200 (59,200) $ Loan balance $ 30,000 $ February $ 30,000 $ 401,000 431,000 60,000 $ (59,200) 8 341,200 341,208 89,792 (59,792) ► 30,000 $ 800 $ (59,792) 800 $ 58,992 X March 30,000 X 471,000 501,000 0 533,000 533,000 31,700 X 1,700 X 30,000 58,992 1,700

Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January $ 30,000 523,000 553,000 $ 600 463,200 463,800 89,200 (59,200) $ Loan balance $ 30,000 $ February $ 30,000 $ 401,000 431,000 60,000 $ (59,200) 8 341,200 341,208 89,792 (59,792) ► 30,000 $ 800 $ (59,792) 800 $ 58,992 X March 30,000 X 471,000 501,000 0 533,000 533,000 31,700 X 1,700 X 30,000 58,992 1,700

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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Kat Ltd.'s September balance sheet contains the following information: Cash Accounts receivable. Allowance for doubtful accounts Merchandise inventory $ 37,500 (dr) 126,000 (dr) 2,800 (cr) 26,250 (dr) Management has designated $37,500 as the firm's minimum monthly cash balance. Other information about the firm and its operations is as follows: a. Sales revenues of $350,000, $420,000, and $312,500 are expected for October, November, and December, respectively. All goods are sold on account. b. The collection pattern for accounts receivable is 60% in the month of sale, 39% in the month following the month of sale, and 1% uncollectible, which is set up as an allowance. c. Cost of goods sold is 60% of sales revenues. d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold. e. All accounts payable for inventory are paid in the month of purchase. f. Other monthly expenses are $49,250, which includes $3,500 of depreciation and…
! 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…
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