Question

Garys Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information
Sales are 60% cash and 40% credit. Credit sales are collected 30% in the month of sale and the remainder in the month after s
d. Rent expense is $2,700 per month. e. Depreciation is $2,200 per month. f. Estimated income tax payments are made at the en
Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgete
OaIGng acy taes prace, wat Is the buogtutou cash balance on Februar 28? Collection on credit sales Total cash collections b.
Garys Restaurant Supply Cash Payments for Material Purchases Budget For the Months Ended January 31 and February 28 January
Total cash payments c. Prepare a schedule of budgeted cash payments for operating expenses for Jauary and February. Show tota
For the Months Ended January 31 and February 28 Total February January Variable cash operating expenses: Sales commissions: D
Total variable cash operating expenses Fixed cash operating expenses: Sales salaries: December Sales salaries: January Sales
Rent expense Тах ехpense Total fixed cash operating expenses Total cash payments tor operating expenses Requirement 2. Prepar
Garys Restaurant Supply Combined Cash Budget For the Months Ended January 31 and February 2t January February 2 months Begin
Total cash available Less cash payments: Direct materials purchases Operating expenses Total cash payments
Operating expenses Total cash payments Ending cash balance
0 0
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Answer #1

Cash Sales Collection on credit sales Total Cash collections CASH COLLECTION BUDGET January February Total $ 34,800.00 $ 40,2

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