A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of atleast $8,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies andRepayments should be indicated by a minus sign.)Quarter (000 omitted)(000 omitted)1.Cash balance, beginningYear%246:Add collections from customers99Total cash available34887Less disbursementsPurchase of inventory384830Selling and administrative expenses3030121Equipment purchases10101343DividendsTotal disbursements90Excess (deficiency) of cash avaitable over disbursements(2)16FinancingBorrowings14Repayments (including interest)Total financing(17)Cash balance, ending"interest will total $1,000 for the year

Cash Budget is a statement which shows estimated cash receipts and disbursement during a period say…

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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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A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of $8,000 to start each quarter.Required:Fill in the missing amounts. Note: Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign. Prev Question 10 of 10 Total 10 of 10 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next McGraw Hill
Preparing a financial budget—schedule of cash receipts and schedule of cash payments</b></p><p>Agua Cool is a distributor of bottled water. For each of the items, compute the number of cash receipts or payments Agua Cool will budget for September. The solution to one item may depend on the answer to an earlier item. Management expects to sell equipment that cost $14,000 at a gain of $7,000. Accumulated depreciation on this equipment is $55,000. Management expects to sell 7,100 cases of water in August and 9,000 cases in September. Each case sells for $14. Cash sales average 20% of total sales, and credit sales make up the rest. Three-fourths of credit sales are collected in the month of the sale, with the balance collected the following month. The company pays rent and property taxes of $4,500 each month. Commissions and other selling expenses average 30% of sales. Agua Cool pays one—half of the commissions and other selling expenses in the month incurred, with the…
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From the above given information, I am to construct a tabular form of cash budget, however, I don't really understand the question, so I think my answer is wrong, can you try it for me so I can check with my answer?
ll. Subject Accounting
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,760,000 Quarter 2 5,620,000 Quarter 3 3,060,000 Quarter 4 7,720,000 In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter after the sale. The remaining 3 percent are never collected. Total sales for the third quarter of the current year are $5,310,000 and for the fourth quarter of the current year are $7,350,000. Required: 1. Calculate cash sales and credit sales expected in the last two quarters of the current year, and in each quarter of next year. Quarter Cash Sales Credit Sales 3, current year 4, current year 1, next year 2, next year 3. next vear 4, next year 2. Construct a cash receipts budget for…
LB Enterprises (LB) is preparing its budget for the first quarter of 2019. LB's balance sheet as of December 31, 2018 is as follows: Assets Liabilities Cash $5,000 Accounts Payable $9500 Accounts Recievable 28,000 Inventories Direct Materials 8,100 Finished Goods (500 Units) 16,870 Stockholders Equity Equipment - gross 45,000 Accumulated depreciation 15.000 Common Stock $15,000 Net Equipment 30,000 Retained Earnings 63,470 Total Assets $87,970 Total Liabilities and $87,960 Equity LB sells one product for $45/unit. The Company forecasts that it will sell 2,000; 1,500; 1,600; and 1,700 units in January, February, March and April, respectively. • Sales to customers are all on credit. 40% of the cash for these sales is collected in the month of the sale and the remaining 60% is collected in the following month. LB wants finished goods inventory equal to 25% of the next month's sales on hand at the end of each month. LB wants direct materials equal to 75% of the current month's production…

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cash budget, by quarters, is east $8.000 to start each quan epayments should be indica