Nelson Company is preparing its budget for the third quarter. The cash balance on June 30 was $30,000. The company wants a minimum cash balance of $12,000, otherwise borrowing is undertaken at the beginning of the month at 10% interest. The interest expense payment and repayment of principal is not made until the entire amount borrowed can be repaid at once. Additional budgeted data are provided here: July Aug Sep Cash collections $30,000 $58,000 $54,000 Cash payments: Purchases of direct materials 25,000 26,000 21,000 Direct labor 10,000 12,000 11,000 Operating expenses 4,000 6,000 4,000 Capital expenditures 12,000 13,000 11,000 Prepare the cash budget for July and August, using the following format. July August Total Beginning cash balance. Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Operating expenses Capital Expenditures Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing

Nelson Company is preparing its budget for the third quarter. The cash balance on June 30 was $30,000. The company wants a minimum cash balance of $12,000, otherwise borrowing is undertaken at the beginning of the month at 10% interest. The interest expense payment and repayment of principal is not made until the entire amount borrowed can be repaid at once. Additional budgeted data are provided here: July Aug Sep Cash collections $30,000 $58,000 $54,000 Cash payments: Purchases of direct materials 25,000 26,000 21,000 Direct labor 10,000 12,000 11,000 Operating expenses 4,000 6,000 4,000 Capital expenditures 12,000 13,000 11,000 Prepare the cash budget for July and August, using the following format. July August Total Beginning cash balance. Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Operating expenses Capital Expenditures Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing

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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