*Exercise 10.27 Nunez Company expects to have a cash balance of $47,000 on January 1, 2020. Relevant monthly budget data for the first two months of 2020 are as follows: 1. Collections from customers: January $101,000; February $158,000 2. Payments to suppliers: January $61,000; February $82,000 3. Direct labour: January $31,000; February $45,000. Wages are paid in the month they are incurred. 4. Manufacturing overhead: January $25,000; February $32,000. These costs include depreciation of $1,000 per month. All other overhead costs are paid as incurred. 5. Selling and administrative expenses: January $15,000; February $21,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of marketable securities in January are expected to realize $9,000 in cash. Nunez Company has a line of credit at a local bank. It can borrow up to $26,000. The company wants to keep a minimum monthly cash balance of $26,000. Prepare a cash budget for January and February. NUNEZ COMPANY Cash Budget

*Exercise 10.27 Nunez Company expects to have a cash balance of $47,000 on January 1, 2020. Relevant monthly budget data for the first two months of 2020 are as follows: 1. Collections from customers: January $101,000; February $158,000 2. Payments to suppliers: January $61,000; February $82,000 3. Direct labour: January $31,000; February $45,000. Wages are paid in the month they are incurred. 4. Manufacturing overhead: January $25,000; February $32,000. These costs include depreciation of $1,000 per month. All other overhead costs are paid as incurred. 5. Selling and administrative expenses: January $15,000; February $21,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of marketable securities in January are expected to realize $9,000 in cash. Nunez Company has a line of credit at a local bank. It can borrow up to $26,000. The company wants to keep a minimum monthly cash balance of $26,000. Prepare a cash budget for January and February. NUNEZ COMPANY Cash Budget

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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