Preparing a financial budget—schedule of cash payments Barnes Company budgeted direct materials purchases of $191,990 in January and $138,610 in February. Assume Barnes pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The Accounts Payable balance on January 1 is $75,000. Prepare a schedule of cash payments for purchases for January and February. Round to the nearest dollar.

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A:

Q: Cash Budget Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase…

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A: Cash budget is based on cash forecasts or estimates which gives information as to what funds would…

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A: C)

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Long & Short Company developed the following data for the preparation December 2021 budget:…

A:

Q: budgeted cash payments

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A: Ans. Cash budget is prepared on the basis of the customary practice of the business. In the given…

Q: Morgan Manufacturing is preparing its cash budget for the second quarter. The following amounts are…

A: Formula: June month purchases = Total June purchases x 20 %

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A:

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A: The cash budget is prepared to record cash receipts and cash payments made during the period.

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Q: Kingston budgets total sales for June and July of $430,000 and $338,000, respectively. Cash sales…

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Q: You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise…

A: Answer 1:

Q: Kingston budgets total sales for June and July of $470,000 and $348,000, respectively. Cash sales…

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A:

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Cash budget

A cash budget is an estimate of an organization's cash flow for the future period. A cash budget forecasts future cash receipts and payments from various sources for a fiscal year. A cash budget can be created once a month or once a week to determine the organization's cash position and ensure its performance in relation to the budget. It aids in determining whether the company has enough cash and cash equivalents to meet its operational needs in the future. If cash receipts are insufficient to cover future expenses, an organization may plan to obtain funds from other sources. After estimating the sales, purchase, and capital expenditure budgets for the year, management develops a cash budget. These budgets are created to ensure that an organization's cash flow is managed. It is important to note that only cash transactions are recorded when actual cash enters and exits an organization.