a.Beginning cash balance on June 1, P85,300.b.Cash receipts from sales, P519,500.Budgeted cash disbursements for purchases,P274,500.C.d.Budgeted cash disbursements for salaries, P96,300.e.Other budgeted cash expenses, P58,300.f.Cash repayment of bank loan, P33,300.g.Budgeted depreciation expense, P35,300.Use the above information to determine the ending cash balance to be reported on the month endedJune 30 cash budget.

Cash budget was used by an entity to plan for its expected disbursements and receipts of cash.

Answered: a. Beginning cash balance on June 1,…

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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Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget. a. Beginning cash balance on June 1, RM95,300. b. Cash receipts from sales, 419,500. Budgeted cash disbursements for purchases, 274,500. d. Budgeted cash disbursements for salaries, 96,300. e. Other budgeted cash expenses, 58,300. f. Cash repayment of bank loan, RM33,300. g. Budgeted depreciation expense, 35,300. 1.110,700 2.85,700 3.75,400 4.17,100 5.52,400 C.
Use the following information a. Beginning cash balance on March 1, P72,000. b. Cash receipts from sales, P300,000. с. Budgeted cash disbursements for purchases, 140,000. d. Budgeted cash disbursements for salaries, 80,000. е. Other budgeted cash expenses, 45,000. f. Cash repayment of bank loan, 20,000. Prepare a cash budget for the month ended on March 31 for Mason Company. The budget should show expected cash receipts and cash disbursements for the month of March and the balance expected on March 31.
Cash budget The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: July August $160,000 $185,000 $200,000 66,000 82,000 105,000 51,000 120,000 40,000 46,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Sales Manufacturing costs Selling and administrative expenses Capital expenditures June Current assets as of June 1 include cash of $42,000,…
f. PROBLEM 8-29 Completing a Master Budget LOB-2, LOB-4, LOB-7, LOB-B, LOB-9, LOB-10 The following data relate to the operations of Shilow Company, a wholesale distributor of con- sumer goods: g. h. b. Actual and budgeted sales data: a. The gross margin is 25% of sales. c. d. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets). Equipment costing $1.500 will be purchased for cash in April. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in…
akeAssignment/takeAssignmentMain.do?Invoker=&takeAssignmentSessiohLocator=&inprogress=false 3 The cash collections expected in September from accounts receivable are estimated to be Oa. $134,960 Ob. $289,200 Oc. $168,700 Od. $241,000 Ti Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business September, October, and November are $241,000, $309,000, and $401,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale. Previous Upe Next
g. Prepare a schedule of cash collected from customers for the quarter ended March 31, 20X1. h. Prepare the cash budget for the quarter ended March 31, 20X1.
Order the following terms and operations to create the formula for the combined cash budget (before any financing is considered). E Beginning Cash Balance | Cash Payments 4 : Cash Collections Ending Cash Balance (before Financing) :::: ::::
a .Prepare an estimate of cash position for three months from April to June b. Based on the budget prepared, evaluate the cash position of the comupany, give your comments and provide suitable suggestion to the management on effective cash managenent.
Required:(a) The business needs to have a sense of its future cash flows and therefore requires thepreparation of the following:▪ A schedule of budgeted cash collections for trade receivables (sales on account) for each ofthe months July to September. ▪ A schedule of expected cash disbursements for accounts payable (purchases on account)for each of the months July to September.▪ A cash budget, with a total column, for the quarter ending September 30, 2022, showing theexpected cash receipts and payments for each month and the ending cash balance for eachof the three months, given that no financing activities took place.
Case 1: Include or exclude? Indicate whether the following transactions should be included or excluded from the cash budget—no need foran explanation.1. Purchase of new equipment2. Payment of income tax3. Write-off of bad debts4. Depreciation of equipment5. Repairs on equipment6. Payment to supplier
The following information is available from various budgets for the current period: Amount Budget Cash budget Account Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation - Equipment Schedule of cash receipts from customers Inventory, purchases, and cost of goods sold budget Selling and administrative expense budget Capital expenditures budget OA. $173,000 OB. $164,000 OC. $159,000 O D. $162,000 $28,000 Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense Equipment (expense incurred during the period) Selling and administrative expense budget 2,000 The following balances are available from the balance sheet at the end of the previous year: $5,000 28,000 7,000 What would be the amount of total assets on the budgeted balance sheet? 35,000 41,000 2,000 36,000
Required: (a) The business needs to have a sense of its future cash flows and therefore requires the preparation of the following: • A schedule of budgeted cash collections for trade receivables (sales on account) for each of the months July to September. • A schedule of expected cash disbursements for accounts payable (purchases on account) for each of the months July to September

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