Use the following information to prepare the June cashbudget for Vox Company. It should show expectedcash receipts and cash disbursement for the monthand the cash balance expected on June 30.a. Beginning cash balance on June 1 is $66,000.b. Cash receipts from sales are expected to be$1,544,000.c. Cash payments for direct materials and direct laborare expected to be $206,400 and 501,050, respectively.d. Budgeted cash payments for variable overhead is$315,000.e. Budgeted depreciation, the only fixed overheadestimated for June: $18,000.f. Cash selling and administrative expenses budgetedfor June are $328,000.g. Bank loan interest due in June: $9,000.i. Loan payment of $60,000 should be made if thepreliminary cash balance is greater than $200,000

MEANING OF CASH BUDGET A budget which shows the cash receipt and cash payment of each month and…

Answered: Use the following information to…

Business

Accounting

Use the following information to prepare the June cash budget for Vox Company. It should show expected

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare a direct materials budget for the first quarter of the financial year ending 30 September 2022. Prepare a cash budget for the first quarter of the financial year ending 30 September 2022 including any necessary schedules. Prepare a budgeted income statement for the first quarter of the financial year ending 30 September 2022.
A company is planning to prepare Budget for the year 2022. In the budgeting and planning process, which one of the following should be completed first? a. Cost management plan b. Financial budget C.Sales budget d. Strategic plan
Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: Month May June July August Sales $ 99,000 118,000 135,000 132,000 Purchases $ 63,000 89,000 115,000 72,000 Required 1 Required 2 The majority of Martin's sales (65 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 35 percent are collected in the month of sale and 65 percent are collected in the following month. All of Martin's purchases are on account with 55 percent paid in the month of purchase and 45 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. Cash Expenses Paid $ 22,000 Complete this question by entering your…
A manufacturing company has prepared the operating budget and the cash budget and is now preparing the budgeted balance sheet. While doing so, the Cash balance can be taken from the OA budgeted income statement OB operational budget OC. sales budget OD. cash budget
Evaluate the following statements related to creating budget: I. In a production budget if the number of units in the finished goods inventory at the end of the period is less than the number of units in the finished goods inventory at the beginning of the period then the expected number of units sold is less than the number of units to be produced during the period Ii. in the merchandise purchases budget, the required purchases in units for a period can be determined by subtracting the beginning merchandise Inventory in units from the total of budgeted sales in unit and desired ending merchandise inventory (unit) III. When preparing a direct materials budget the beginning inventory for raw materials should be added to production needs, and the desired ending inventory should be subtracted to determine the amount of raw materials to be purchased Answer: ???
Which of the following represents the normal sequence in which the below budgets are prepared? 1. Sales budget, budgeted balance sheet, budgeted income statement 2. Budgeted balance sheet, sales budget, budgeted income statement 3. Sales budget, budgeted income statement, budgeted balance sheet 4. budgeted income statement, sales budget, budegeted balance sheet
What processes can you use to update and maintain your monthly budget? Personal Fianance
When developing a budget we focus first on sales. Why do be begin with sales? What are some of the factors we should consider when preparing the sales budget?
Which of the following best describes the direct materials purchase budget? Question 12 options: It is the beginning point in the budget process It must provide for the desired ending inventory as well as for production It is a accomplished by a schedule of cash collection It is completed after the cash budget
What about preparing a schedule of expected cash disbursement for merchandise purchases, by month and the total and budgeted income statement for the three-month period ending June 30.
From the above information, can you produce the budgeted statement of financial position and a brief analysis report?
Prepare a production budget for January and February 2017.