Quarter 1 Quarter 2 Sales $208,460 $211,540 Direct material purchases 115,295 120,831 Direct labor 75,210 73,298 Manufacturing overhead 25,300 25,400 Selling and administrative expenses 33,600 33,500 Depreciation included in selling and administrative 1,500 1,000 Collections from customers 215,392 240,155 Cash payments for purchases 114,290 119,254 Additional data: Capital assets were sold in January for $9,000 and $4,400 in May. Dividends of $4,400 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $60,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank.

Quarter 1 Quarter 2 Sales $208,460 $211,540 Direct material purchases 115,295 120,831 Direct labor 75,210 73,298 Manufacturing overhead 25,300 25,400 Selling and administrative expenses 33,600 33,500 Depreciation included in selling and administrative 1,500 1,000 Collections from customers 215,392 240,155 Cash payments for purchases 114,290 119,254 Additional data: Capital assets were sold in January for $9,000 and $4,400 in May. Dividends of $4,400 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $60,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank.

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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