Homework Help is Here – Start Your Trial Now!
Business
Accounting
You recently began a job as an accounting intern at Big Sky Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) (For amounts with a zero balance, make sure to enter "0" in the appropriate cell. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign or parentheses when the amount is a net outflow. Round the interest expense to the nearest whole dollar.) Big Sky Adventures Ltd. Cash Budget February and March More info February March 16,200 Beginning cash balance Cash collections 0 Big Sky Adventures eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 7%. Big Sky Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. Cash from sale of plant assets 106,400 Cash available Cash payments: Purchases of inventory 47,800 Print Done Operating expenses 98,500 Total payments (1) Ending cash balance before financing 21,000 Minimum cash balance desired Cash excess (deficiency) Financing of cash deficiency $ $ 80,200 2,600 41,900 23,600 21,000

You recently began a job as an accounting intern at Big Sky Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) (For amounts with a zero balance, make sure to enter "0" in the appropriate cell. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign or parentheses when the amount is a net outflow. Round the interest expense to the nearest whole dollar.) Big Sky Adventures Ltd. Cash Budget February and March More info February March 16,200 Beginning cash balance Cash collections 0 Big Sky Adventures eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 7%. Big Sky Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. Cash from sale of plant assets 106,400 Cash available Cash payments: Purchases of inventory 47,800 Print Done Operating expenses 98,500 Total payments (1) Ending cash balance before financing 21,000 Minimum cash balance desired Cash excess (deficiency) Financing of cash deficiency $ $ 80,200 2,600 41,900 23,600 21,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

3

You recently began a job as an accounting intern at Big Sky Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) Co (For amounts with a zero balance, make sure to enter "0" in the appropriate cell. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign or parentheses when the amount is a net outflow. Round the interest expense to the nearest whole dollar.) Big Sky Adventures Ltd. Cash Budget February and March - X More info February March 16,200 Beginning cash balance Cash collections 0 Big Sky Adventures eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 7%. Big Sky Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. Cash from sale of plant assets 106,400 Cash available Cash payments: Purchases of inventory 47,800 Print Done Operating expenses 98,500 Total payments (1) Ending cash balance before financing 21,000 Minimum cash balance desired Cash excess (deficiency) Financing of cash deficiency: $ $ 80,200 2,600 41,900 23,600 21,000
Transcribed Image Text:You recently began a job as an accounting intern at Big Sky Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) Co (For amounts with a zero balance, make sure to enter "0" in the appropriate cell. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign or parentheses when the amount is a net outflow. Round the interest expense to the nearest whole dollar.) Big Sky Adventures Ltd. Cash Budget February and March - X More info February March 16,200 Beginning cash balance Cash collections 0 Big Sky Adventures eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 7%. Big Sky Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. Cash from sale of plant assets 106,400 Cash available Cash payments: Purchases of inventory 47,800 Print Done Operating expenses 98,500 Total payments (1) Ending cash balance before financing 21,000 Minimum cash balance desired Cash excess (deficiency) Financing of cash deficiency: $ $ 80,200 2,600 41,900 23,600 21,000
You recently began a job as an accounting intern at Big Sky Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) Beginning cash balance $ 16,200 Cash collections 80,200 2,600 Cash from sale of plant assets 106,400 Cash available Cash payments: More info Purchases of inventory 41,900 47,800 Operating expenses 98,500 Total payments Big Sky Adventures eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 7%. Big Sky Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. (1) Ending cash balance before financing 23,600 21,000 21,000 Minimum cash balance desired Cash excess (deficiency) Financing of cash deficiency: Print Done Borrowing (at end of month) Principal repayments (at end of month) Interest expense (2) Total effects of financing Ending cash balance (1) + (2) $
Transcribed Image Text:You recently began a job as an accounting intern at Big Sky Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) Beginning cash balance $ 16,200 Cash collections 80,200 2,600 Cash from sale of plant assets 106,400 Cash available Cash payments: More info Purchases of inventory 41,900 47,800 Operating expenses 98,500 Total payments Big Sky Adventures eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 7%. Big Sky Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. (1) Ending cash balance before financing 23,600 21,000 21,000 Minimum cash balance desired Cash excess (deficiency) Financing of cash deficiency: Print Done Borrowing (at end of month) Principal repayments (at end of month) Interest expense (2) Total effects of financing Ending cash balance (1) + (2) $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS