sa Bonita Corporation is projecting a cash balance of $34,800 in its December 31, 2021, balance sheet. Bonita's schedule of expectedcollections from customers for the first quarter of 2022 shows total collections of $214,600. The schedule of expected payments fordirect materials for the first quarter of 2022 shows total payments of $49,880. Other information gathered for the first quarter of2022 is sale of equipment $3,480; direct labor $81,200, manufacturing overhead $40,600, selling and administrative expenses$52,200; and purchase of securities $16,240. Bonita wants to maintain a balance of at least $29,000 cash at the end of each quarter.Prepare a cash budget for the first quarter.BONITA CORPORATIONCash BudgetBeginning Cash BalanceAddReceipts Beginning Cash BalanceAddReceipts

Step 1: The cash budget is prepared to know the cash requirements during the period, it shows the…

Answered: Bonita Corporation is projecting a 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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Sheridan Corporation is projecting a cash balance of $32,100 in its December 31, 2019, balance sheet. Sheridan’s schedule of expected collections from customers for the first quarter of 2020 shows total collections of $197,950. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $46,010. Other information gathered for the first quarter of 2020 is sale of equipment $3,210; direct labor $74,900, manufacturing overhead $37,450, selling and administrative expenses $48,150; and purchase of securities $14,980. Sheridan wants to maintain a balance of at least $26,750 cash at the end of each quarter.Prepare a cash budget for the first quarter.
Deitz Corporation is projecting a cash balance of $33,000 in its December 31, 2019, balance sheet. Deitz's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $203,500. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $47,300. Other information gathered for the first quarter of 2020 is sale of equipment $3,300; direct labor $77,000, manufacturing overhead $38,500, selling and administrative expenses $49.500; and purchase of securities $15,400. Deitz wants to maintain a balance of at least $27,500 cash at the end of each quarter. Prepare a cash budget for the first quarter. 6 DEITZ CORPORATION Cash Budget
Wildhorse Corporation is projecting a cash balance $29,000 in its December 31, 2021. Balance sheet, Wildhorse schedule of expected collections from customers for the first quarter of 2022 shows total collections of $180,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payment of $46,000.Other information gathered for the first quarter of 2022 is as follows: sale of equipment $4000: direct labour $67,000, manufacturing overhead $35,000: selling and administrative expenses $45,000: and purchase of securities $13,000. Wildhorse wants to maintain a balance of at least $24,000 cash at the end of each quarter. Prepare a cash budget for the first quarter.
Pink Martini Corporation is projecting a cash balance of $32,000 in its December 31, 2019, balance sheet. Pink Martini's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $183,000. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $43,000. Other information gathered for the first quarter of 2020 is as follows: sale of equipment $2,000; direct labour $80,000, manufacturing overhead $33,000; selling and administrative expenses $40,000; and purchase of securities $12,000. Pink Martini wants to maintain a balance of at least $23.000 cash at the end of each quarter. Prepare a cash budget for the first quarter. PINK MARTINI CORPORATION Cash Budget For the First Quarter Ending March 31, 2020
Use the information given from Arlon Manufacturers to prepare the Cash Budget for each of the first three months of operations (i.e. January, February, and March 2024). Use separate monetary columns for each month.
E21-15 Deitz Corporation is projecting a cash balance of $30,000 in its December 31, 2016, balance sheet. Deitz's schedule of expected collections from customers for the first quarter of 2017 shows total collections of $185,000. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $43,000. Other information gathered for the first quarter of 2017 is sale of equipment $3,000, direct labor $70,000, manufacturing overhead $35,000, selling and administrative expenses $45,000, and purchase of securities $14,000. Deitz wants to maintain a balance of at least $25,000 cash at the end of each quarter. Instructions Prepare a cash budget for the first quarter.
Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: As Tune Printing Supply's controller, you have assembled the following additional information: a. April dividends of $6,000 were declared and paid. b. April capital expenditures of $16,200 budgeted for cash purchase of equipment. c. April depreciation expense, $500. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $32,000, 30% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $86,000, 50% collected in April and 50% in May. i. April…
Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: As Tune Printing Supply's controller, you have assembled the following additional information: a. April dividends of $6,000 were declared and paid. b. April capital expenditures of $16,200 budgeted for cash purchase of equipment. c. April depreciation expense, $500. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $32,000, 30% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $86,000, 50% collected in April and 50% in May. i. April…
Tune Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: As Tune Printing Supply's controller, you have assembled the following additional information: a. April dividends of $6,000 were declared and paid. b. April capital expenditures of $16,200 budgeted for cash purchase of equipment. c. April depreciation expense, $500. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $32,000, 30% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $86,000, 50% collected in April and 50% in May. i. April cash payments of…
Gilmore Corp. is preparing its operations budget for December 2021. The data from the previous year is presented as follows: Gilmore Corporation Income Statement For the year ended December 2020 Sales (150,000 units) - 3,750,000.00 Cost of Goods Sold - 1,912,500.00 Gross Profit - 1,837,500.00 Operating expenses (including rent and depreciation of 100,000 and 150,000) - 550,000.00 Net Income - 1,287,500.00 Gilmore Corp is looking to adjust the budget for the coming year as follows: 1. Because of the on-going pandemic, Gilmore is forecasting a 10% decrease in the sales every quarter starting the first quarter. 2. Sales discounts and allowances are estimated to be 1.5% every quarter. 3. Gilmore is planning to maintain an ending inventory of 7,500 for the first two quarters, and 6,500 to the other two quarters. The planned ending inventory for the first two quarters is 1,000 less than the ending inventory from the previous year. 4. Gilmore's outputs contain 3 units of raw materials costing…
The Dilly Company (DC) began operations on December 1, 2021. All sales are credit sales with 50% collected in the month of sale, 40% in the month following and 10% in the second month following the sale. DC has estimated sales at $1,800,000 for December, $1,500,000 for January, $1,700,000 for February and $1,600,000 for March. The estimated cash collections from customers in the month of February will be?
Suppose that the Sales in December 2019 were 64,566. The sales are expected to grow by 6% in January 2020, by 17% in February 2020, and by 10% in March 2020. After that, the sales are expected to grow by 14%. The purchases are 10% of sales. The purchases will be paid in the same month. The general administrative expenses are $13,032 and will be paid in the same month. The depreciation expense is $6,611 per month. The interest expenses are $8,778 per quarter and will be paid in March, June, September, and December. What is the cash outflow for June, 2020?

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