Given the following information, complete the cash budget:
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Given the following information, complete the
- Collections occur one month after the sale.
- January’s credit sales were $90,000.
- The firm has a certificate of deposit for $50,000 that matures in April.
- Salaries are $150,000 a month.
- The monthly mortgage payment is $20,000.
- Monthly depreciation is $10,000.
- Property tax of $35,000 is due in February.
Round your answers to the nearest dollar. Enter the disbursements values as positive values. Use a minus sign to enter shortage of cash, negative beginning and ending cash values, if any. Do not leave any cells blank. If the answer is zero, enter "0".
February | March | April | ||||
Sales | $ | 170,000 | $ | 200,000 | $ | 230,000 |
Cash sales | $ | 35,000 | $ | 20,000 | $ | 70,000 |
Collections | $ | $ | $ | |||
Other receipts | $ | $ | $ | |||
Total cash receipts | $ | $ | $ | |||
Salaries | $ | $ | $ | |||
Mortgage | $ | $ | $ | |||
Other disbursements | $ | $ | $ | |||
Total cash disbursements | $ | $ | $ | |||
Net change during the month | $ | $ | $ | |||
Beginning cash | $ | 30,000 | $ | $ | ||
Ending cash | $ | $ | $ | |||
Required level of cash | $ | 14,000 | $ | 14,000 | $ | 14,000 |
Excess cash or (shortage) | $ | $ | $ |
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- Bantam Industries has budgeted the following information for March: Cash receipts Beginning cash balance Cash payments Desired ending cash balance If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments, and interest is paid monthly at 1% on the first day of the following month. The company had no debt before March 1. How much cash will the company need to borrow in March? Multiple Choice $13,000 $65,000 $ 343,000 23,000 388,000 43,000 $52,000 The company should not need to borrow any cash In MarchSunshine Company is ready to begin its third quarter, in which peak sales occur. The company requested a $30,000, 90-day loan from its bank to help meet cash requirements during the quarter. Since Sunshine Company has experienced difficulty in paying off its loans in the past, the loan officer at the bank has asked the company to prepare a cash budget for the quarter. In response to the request the following data has been assembled. On July 1, the beginning of the quarter, the company will have a cash balance of $94,500. The selling price per unit is $50. Actual sales units for the last two months and the budgeted sales for the third quarter follow: May (actual) 8000 units June (actual) 7000 units July (budgeted) 8000 units August (budgeted) 12000 units September (budgeted) 7500 units The company expects to sell 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month of sale and 40% in the month…Please answer with excel forumlas and step by step explanations. Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Cash Receipts Cash payments January $ 569,000 $ 508,000 February 455,000 425,000 March 505,000 600,000 Kayak requires a minimum cash balance of $38,000 at each month-end. Loans taken to meet this requirement charge 0.7% interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $38,000 is used to repay loans at month-end. The company has a cash balance of $38,000 and a loan balance of $76,000 at January 1. Prepare monthly cash budgets for January, February, and March.
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