Prepare the cash budget for January and February of Gilmore Company using the following data: January February Cash Receipts Cash Disbursements Beginning Cash Balance Required Ending (Minimum) P12,000 P46,500 P42,100 P38,320 P37,220 P5,210 As per computation P12,000 Cash Balance
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- A companys controller is adjusting next years budget to reflect the impact of an expected 3 percent inflation rate. Listed below are selected items from next years budget before the adjustment. After adjusting for the 3 percent inflation rate, what is the companys total budget for the selected items before taxes for next year? a. 858,150 b. 860,412 c. 810,971 d. 858,971Relevant data from the Poster Companys operating budgets are: Additional data: Capital assets were sold in January for $10,000 and $4,500 in May. Dividends of $4,500 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the yearRelevant data from the operating budget of The Framers are: Other data: Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2. Dividends of $500 will be paid in May The beginning cash balance was $50,000 and a required minimum cash balance is $10,000. Prepare a cash budget for the first two quarters of the year.
- Roman Inc. has the following totals from its operating budgets: Prepare a budgeted income statement for the year ended December 31, 2016, assuming that income from operations is taxed at a rate of 30%.Selling and administrative expense budget and budgeted income statement Budgeted selling and administrative expenses for Scottsdale Styles Inc. in P7-4 for the year ended December 31, 2016, were as follows: Required: 1. Prepare a selling and administrative expenses budget, in good form, for the year 2016. 2. Using the information above and the budgets prepared in P7-4, prepare a budgeted income statement for the year 2016, assuming an income tax rate of 30%.Using a separate columnar worksheet or Excel worksheet, prepare a Cash Budget by month for the quarter ending September 30, 2021, from the following data obtained from the CONSCIOÜNESS Company. Support your solution with schedules of estimated receipts and payments. August P 16,000 150,000 July September Cash Sales P 12,000 P 18,000 Credit Sales Purchases 110,000 120,000 90,000 120,000 110,000 Operating expenses Interest expense 15,000 18,000 16,000 2,000 Credit sales are collected 50% in the month of sales, 40% on the month following, 8% in the second month following and 2% uncollectible. Credit sales for May and June are expected to be P100,000 and P90,000, respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in the month following. Purchases for June are estimated at P80,000. Expenses include depreciation of P2,000 monthly, and are paid in the month incurred. Cash balance on June 30, 2021.
- Following is Budgeted Data of R Ltd. Prepare Cash Budget for the quarter ended 31st March 2007. Month Sales Purchases Wages Misc.Exps November’06 1,30,000.00 98,000.00 12,000.00 8,000.00 December’06 1,50,000.00 1,10,000.00 15,000.00 9,000.00 January’07 90,000.00 1,14,000.00 9,000.00 7,000.00 February’07 1,26,000.00 1,16,000.00 12,000.00 14,000.00 March’07 98,000.00 85,000.00 8,000.00 7,000.00 Additional Information: - 1. Cash on Hand as on 1st January 2007 is Rs 5,000/-. Sales: - 20% realized in the month of sale, discount allowed 2% and balance is subsequent 2 months. 2. Purchases are paid for in the following month of supply. 3. Wages are 50% in arrears and paid in subsequent month. 4. Miscellaneous Expenses are paid a month in arrears. 5. Rent of Rs 1,000 per month is paid quarterly in advance. 6. Income Tax is due on 15th March 2007 Rs 21,500/-. 7. Interest on…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.Budgeted Income Statement and Balance SheetAs a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Mesa Publishing Co.: Cash$ 26,000Accounts Receivable23,800Finished Goods16,900Work in Process4,200Materials6,400Prepaid Expenses600Plant and Equipment82,000Accumulated Depreciation—Plant and Equipment$ 32,000Accounts Payable14,800Common Stock, $1.50 par30,000Retained Earnings83,100$159,900$159,900Factory output and sales for 20Y9 are expected to total 3,800 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 20Y9, are expected to remain unchanged from the balances at the beginning of the year.Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows:Estimated Costs and ExpensesFixed(Total for…
- From the information below, prepare a cash budget for a company for April, May, and June 2019 in a columnar form. Month Sales Purchases Wages Exp. Jan. (actual) 80,000 45,000 20,000 5,000 Feb. (actual) 80,000 40,000 18,000 6,000 Mar. (actual) 75,000 42,000 22,000 6,000 Apr. Budget 90,000 50,000 24,000 6,000 May Budget 85,000 45,000 20,000 6,000 Jun. Budget 80,000 35,000 18,000 5,000 You are further informed that: 10% of purchases and 20% of sales are for cash. The average collection period of the company is half a month and credit purchases are paid off regularly after one month. Wages are paid half monthly and the rent of $500, excluded in expense, is paid monthly. Cash and bank balance on April 1 was $15,000, and the company aims to keep it below this figure at the end of every month. The excess cash is placed in fixed deposits.The following information was taken from Swifty Corporation cash budget for the month of July: Beginning cash balance $95000 Cash receipts 91000 Cash disbursements 129000 If the company has a policy of maintaining an end of the month cash balance of $95000, the amount the company would have to borrow is $57000. $38000. $19000. $24000. The following information was taken from Swifty Corporation cash budget for the month of July: Beginning cash balance $95000 Cash receipts 91000 Cash disbursements 129000 If the company has a policy of maintaining an end of the month cash balance of $95000, the amount the company would have to borrow is $57000. $38000. $19000. $24000. The following information was taken from Swifty Corporation cash budget for the month of July: Beginning cash balance $95000 Cash receipts 91000 Cash disbursements 129000 If the company has a policy of maintaining an end of the month cash balance of $95000, the…Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
