Oriole Corporation is projecting a cash balance of $31,000 in its December 31, 2021, balance sheet. Oriole's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $177,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $40,000. Other information gathered for the first quarter of 2022 is as follows: sale of equipment $2,000; direct labour $67,000, manufacturing overhead $35,000; selling and administrative expenses $46,000; and purchase of securities $15,000. Oriole wants to maintain a balance of at least $25,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. ORIOLE CORPORATION Cash Budget For the First Quarter Ending March 31, 2022
Oriole Corporation is projecting a cash balance of $31,000 in its December 31, 2021, balance sheet. Oriole's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $177,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $40,000. Other information gathered for the first quarter of 2022 is as follows: sale of equipment $2,000; direct labour $67,000, manufacturing overhead $35,000; selling and administrative expenses $46,000; and purchase of securities $15,000. Oriole wants to maintain a balance of at least $25,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. ORIOLE CORPORATION Cash Budget For the First Quarter Ending March 31, 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oriole Corporation is projecting a cash balance of $31,000 in its December 31, 2021, balance sheet. Oriole's schedule of expected
collections from customers for the first quarter of 2022 shows total collections of $177,000. The schedule of expected payments for
direct materials for the first quarter of 2022 shows total payments of $40,000. Other information gathered for the first quarter of
2022 is as follows: sale of equipment $2,000; direct labour $67,000, manufacturing overhead $35,000; selling and administrative
expenses $46,000; and purchase of securities $15,000. Oriole wants to maintain a balance of at least $25,000 cash at the end of each
quarter.
Prepare a cash budget for the first quarter.
ORIOLE CORPORATION
Cash Budget
For the First Quarter Ending March 31, 2022
$
Transcribed Image Text:2
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