One or more of the totals are incorrect. Pay close attention to whether you should be entering a balance or calculating a total for this column. Please check any calculations carefully. Remember to complete all answer boxes, enter a "0" for any zero balances and to enter a cash deficiency with a minus sign or parentheses. Please Correct it Hex Company requires a minimum cash balance of $4,100. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 11% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Hex does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hex Company. Round interest expense to the nearest whole dollar. Beginning cash balance Cash receipts Cash available Cash payments: All expenses except interest. Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Hex Company Cash Budget For the Three Months Ended March 31 January February $ O $ 4,100 $ 19,500 23,600 36,000 0 36,000 (12,400) (4,100) (16,500) 16,500 0 16,500 4,100 4,100 $ 4,100 27,000 45,000 49,100 31,100 40,000 151 40,151 (9,051) (4,100) (13,151) 13,151 0 March 13,151 $ 4,100 $ 37,000 272 37,272 11,828 (4,100) 7,728 0 (7,728) (7,728) 4,100 Total 12300 91,500 103800 113,000 423 113423 (9623) (4,100) (21923) 29651 (7728) 21923 12300
One or more of the totals are incorrect. Pay close attention to whether you should be entering a balance or calculating a total for this column. Please check any calculations carefully. Remember to complete all answer boxes, enter a "0" for any zero balances and to enter a cash deficiency with a minus sign or parentheses. Please Correct it Hex Company requires a minimum cash balance of $4,100. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 11% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Hex does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hex Company. Round interest expense to the nearest whole dollar. Beginning cash balance Cash receipts Cash available Cash payments: All expenses except interest. Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Hex Company Cash Budget For the Three Months Ended March 31 January February $ O $ 4,100 $ 19,500 23,600 36,000 0 36,000 (12,400) (4,100) (16,500) 16,500 0 16,500 4,100 4,100 $ 4,100 27,000 45,000 49,100 31,100 40,000 151 40,151 (9,051) (4,100) (13,151) 13,151 0 March 13,151 $ 4,100 $ 37,000 272 37,272 11,828 (4,100) 7,728 0 (7,728) (7,728) 4,100 Total 12300 91,500 103800 113,000 423 113423 (9623) (4,100) (21923) 29651 (7728) 21923 12300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:One or more of the totals are incorrect. Pay close attention to whether you
should be entering a balance or calculating a total for this column. Please
check any calculations carefully. Remember to complete all answer boxes,
enter a "0" for any zero balances and to enter a cash deficiency with a minus
sign or parentheses. Please Correct it
Hex Company requires a minimum cash balance of $4,100. When the company expects a cash deficiency, it borrows the exact amount required on
the first of the month. Expected excess cash is used repay any amounts owed. Interest owed from the previous month's principal balance. s paid
on the first of the month at 11% per year. The company has already completed the budgeting process for the first quarter for cash receipts and
cash payments for all expenses except interest.
(Click the icon to view the completed budget information.)
Hex does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hex Company. Round interest expense to
the nearest whole dollar.
Beginning cash balance
Cash receipts
Cash available
Cash payments:
All expenses except interest
Interest expense
D
Total cash payments
Ending cash balance before financing
Minimum cash balance desired
Projected cash excess (deficiency)
Financing:
Borrowing
Principal repayments
Total effects of financing
Ending cash balance
Hex Company
Cash Budget
For the Three Months Ended March 31
February
$
January
-Ó
$
4,100 $
19,500
23,600
36,000
0
36,000
(12,400)
(4,100)
(16,500)
16,500
0
16,500
4,100 $
4,100 $ 4,100
27,000
45,000
31,100
49,100
40,000
151
40,151
(9,051)
(4,100)
(13,151)
13,151
0
March
13,151
4,100 $
37,000
272
37,272
11,828
(4,100)
7,728
0
(7,728)
(7,728)
4,100
Total
12300
91,500
103800
113,000
423
113423
(9623)
(4,100)
(21923)
29651
(7728)
21923
12300
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