Select one: a. $133,800 b. None of these options are correct. c. $93,300 d. $105,300 e. $115,050
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- On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. Month Credit Sales January $ 300,000 (actual) February 400,000 (actual) March 629,000 (estimated) April 571,000 (estimated) May 800,000 (estimated) The company's collection activity on credit sales historically has been as follows. Collections in the month of the sale 50 % Collections one month after the sale 30 Collections two months after the sale 15 Uncollectible accounts 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400, 000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March, April, and May.Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 370,000 $ 338,000 $300,000 $ 358,000 Borrowings Repayments Interest The company's beginning cash balance for the upcoming fiscal year will be $35,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Total financing Endinn…Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter $ 310,000 $ 438,038 $365,008 $ 335,000 Required: Prepare the company's cash budget for the upcoming fiscal year. Note: Repayments and interest should be indicated by a minus sign. The company's beginning cash balance for the upcoming fiscal year will be $25,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Beginning cash balance Total cash receipts Total cash available Total cash…
- Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts. Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter $ 210,000 $ 240,000 $ 281,000 $ 241,000 The company's beginning cash balance for the upcoming fiscal year will be $26,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest $360,000 $ 251,000 Required: Prepare…Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 200,000 $ 350,000 $ 230,000 $250,000 $274,000 $244,000 $234,000 $ 254,000 Total cash receipts Total cash disbursements The company's beginning cash balance for the upcoming fiscal year will be $24,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated by a minus sign.)S Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter $ 220,000 $ 288,000 $ 370,000 $ 258,000 3rd Quarter $ 250,000 $ 248,000 4th Quarter $ 270,000 $ 268,000 The company's beginning cash balance for the upcoming fiscal year will be $28,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated by a minus sign.) Beginning cash…
- The Puyer Corporation makes and sells only one product called a Deb. The company is in the process of preparing its Selling and Administrative Expense Budget for next year. The following budget data are available: Sales commissions Shipping Advertising Executive salaries Depreciation on office equipment Other Multiple Choice $ 50,000 $ 60,000 $ 20,000 $ 40,000 All of these expenses (except depreciation) are paid in cash in the month they are incurred. If the budgeted cash disbursements for selling and administrative expenses for April total $195,500, then how many Debs does the company plan to sell in April? 14,400 units 8.000 units Monthly Fixed Cost 10,200 units Variable Cost Per Deb Sold $ 0.90 $ 1.40 $ 0.20Foyert Corporation requires a minimum $7,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $7,000 is used to repay loans at month-end. The cash balance on October 1 is $7,000, and the company has an outstanding loan of $3,000. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. (please see picture for other info) October November December Cash receipts $ 23,000 $ 17,000 $ 21,000 Cash payments 25,500 16,000 15,000 Prepare a cash budget for October, November, and December.Garden Depot Is a retailer that provided the following budgeted cash flows for next year. 1st Quarter 2nd Quarter $410,000 $ 260,000 $ 316,000 $ 286,000 3rd Quarter $ 290,000 $ 276,000 Total cash receipts Total cash disbursements The company's beginning cash balance for next year will be $36,000. The company requires a minimum cash balance of $10,000 and may borrow money at the beginning of any quarter and may repay any part of its loans at the end of any quarter. Interest payments, based on a quarterly Interest rate of 3%, are due on any principal at the time it is repaid. For simplicity, assume Interest is not compounded. Required: Prepare the company's cash budget for next year. Note: Repayments, Interest, and cash deficiencies should be indicated by a minus sign. Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance…
- Valley Trails is preparing the Cash Budget for the upcoming period, and is concerned about their ability to meet their financial obligations in the short term. Following is information relating to Valley’s financial performance: Beginning-of-period balances:Accounts Receivable: $135,000Accounts Payable: $67,500Accumulated Factory Depreciation: $720,000Cash: $33,750 Estimates for end-of-period balances:Accounts Receivable: $168,750Accounts Payable: $45,000Accumulated Factory Depreciation: $740,000 Budgeted activity levels for the period:Sales: $625,000Purchases of Direct Materials: $112,000Direct Labor Wages: $187,500Manufacturing Overhead: $62,500Selling and Administrative Expenses: $105,000 Except for purchases of direct materials, all expenses are paid as incurred. What is the budgeted ending cash balance for the period? Select one: a. None of these options are correct. b. $223,000 c. $191,750 d. $175,500 e. $155,500Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter $ 280,000 $ 344,888 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest 2nd Quarter $ 480,000 $ 314,000 The company's beginning cash balance for the upcoming fiscal year will be $45,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Total financing Ending cash balance Required:…Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements Beginning cash balance Total cash receipts Total cash available 1st Quarter $ 360,000 $ 400,000 The company's beginning cash balance for the upcoming fiscal year will be $18,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly Interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay Its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest 2nd Quarter $ 480,000 $ 370,000 Required: Prepare the company's cash budget for…
