Cash collection budget | |||
January | February | ||
Cash sales | $ 48,000.00 | $ 52,500.00 | |
Credit sales | $ 13,600.00 | $ 16,300.00 | |
Total cash collection | $ 61,600.00 | $ 68,800.00 |
Workings | |||
Particulars | January | February | |
Sales | $ 64,000.00 | $ 70,000.00 | |
Credit sales | $ 16,000.00 | $ 17,500.00 | |
Collection for : | |||
December | $ 10,400.00 | ||
January | $ 3,200.00 | $ 12,800.00 | |
February | $ - | $ 3,500.00 | |
$ 13,600.00 | $ 16,300.00 |
Cash payment for material purchases budget | |||
January | February | ||
December purchases | $ 13,800.00 | $ - | |
January purchases | $ 8,000.00 | $ 12,000.00 | |
February purchases | $ - | $ 11,200.00 | |
Total cash payment | $ 21,800.00 | $ 23,200.00 |
Variable cash operating expenses: | |||||
January | February | ||||
Sales commission, December | $ 2,600.00 | $ - | |||
Sales commission, January | $ 3,200.00 | $ 3,200.00 | |||
Sales commission, February | $ - | $ 3,500.00 | |||
Total variable cash operating expense | $ 5,800.00 | $ 6,700.00 | |||
Fixed cash operating expenses: | |||||
Sales salaries, December | $ 3,500.00 | $ - | |||
Sales salaries, January | $ 4,000.00 | $ 4,000.00 | |||
Sales salaries, February | $ - | $ 4,750.00 | |||
Rent expense | $ 2,700.00 | $ 2,700.00 | |||
Tax expense | $ 12,000.00 | $ - | |||
Total fixed cash operating expense | $ 22,200.00 | $ 11,450.00 | |||
Total cash payment for operating expenses | $ 28,000.00 | $ 18,150.00 |
Combined cash budget | ||||||
January | February | |||||
Cash balance, beginning | $ 18,000.00 | $ 29,800.00 | ||||
Cash collections from customers | $ 61,600.00 | $ 68,800.00 | ||||
Total cash available | $ 79,600.00 | $ 98,600.00 | ||||
Less: | Cash payments | |||||
Direct material purchases | $ 21,800.00 | $ 23,200.00 | ||||
Operating expense | $ 28,000.00 | $ 18,150.00 | ||||
Total cash payments | $ 49,800.00 | $ 41,350.00 | ||||
Ending cash balance | $ 29,800.00 | $ 57,250.00 |
Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming...
Gary's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: A (Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January and February combined. 2. Prepare a combined cash budget. If...
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Roan's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show totals for each month and totals for January...
a. Sales are 60% cash and 40% credit. Credit sales are collected 20% in the month of sale and the remainder in the month after sale. Actual sales in December were $56,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: Budgeted Sales Revenue January ................ $62,000 February .............. $72,000 b. Actual purchases of direct materials in December were $23,000. The company's purchases of direct materials in January are budgeted to be $20,000 and...
Sales are 65% cash and 35% credit. Credit sales are collected 10% in the month of sale and the remainder in the month after sale. Actual sales in December were а. $57,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: Budgeted Sales Revenue $58,000 January February $72,000 Actual purchases of direct materials in December were $25,000. The company's purchases of direct materials in January are budgeted to be $22,500 and $27,000 in February....
Dalley Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Dalley Manufacturing's operations: (Click the icon to view the data.) (Click the icon to view additional data.) Read the requirements. Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Dalley Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month January February March Quarter Cash sales Credits sales Total...
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows January February Sales $363,600 $404,000 Direct materials purchases 121,200 126.250 Direct labor 90,900 101.000 Manufacturing overhead 70,700 75,750 Selling and administrative expenses 79.790 85,850 All sales are on account, Collections are expected to be 50% in the month of sale, 30 % in the first month following the sale, and 20% in the second month following the sale, Sixty percent (60%) of direct materials...
Problem 21-4A (Part Level Submission)
Colter Company prepares monthly cash budgets. Relevant data from
operating budgets for 2017 are as follows:
January
February
Sales
$405,360
$450,400
Direct materials purchases
135,120
140,750
Direct labor
101,340
112,600
Manufacturing overhead
78,820
84,450
Selling and administrative expenses
88,954
95,710
All sales are on account. Collections are expected to be 50% in the
month of sale, 30% in the first month following the sale, and 20%
in the second month following the sale. Sixty percent...
Decker Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to deckers manufacturing s operation Current Assets as of December 31 (prior year): Cash 4600 Accounts receivable, net 47000 Inventory 15100 Property, plant, and equipment, net 123000 Accounts payable. 43000 Capital stock. 123500 Retained earnings. 23100 a. Actual sales in December were $71,000. Selling price per unit is projected to remain stable at $12 per unit throughout the budget period. Sales...
Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: February January Sales $405,360 $450,400 Direct materials purchases 135,120 140,750 Direct labor 101,340 112,600 78,820 Manufacturing overhead 84,450 Selling and administrative expenses 88,954 95,710 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct...
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: February January Sales $370,800 $412,000 Direct materials purchases 123,600 128,750 Direct labor 92,700 103,000 Manufacturing overhead 77,250 72,100 Selling and administrative expenses 81,370 87,550 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases...