d. Mr. Suncat is concerned about cash flow and has requested that you prepare a Cash Collections Schedule, a Cash Payments Schedule, and a Cash Budget for the first two months of the year using the following information: ● ● ● ● ● Cash collections for Suncat Cake Shop are 60% of sales in the month of sale, 30% collected in the month after the sale, and 10% collected in the second month after the sale. Suncat Cake Shop pays 65% of its purchases of direct materials in the month of sale, and 35% in the month after the purchase. Cake Sales Purchases November $150,000 $10,000 December $145,600 $10,600 January $160,000 $11,400 February $176,000 $12,500 Beginning cash balance was $20,000 and Mr. Suncat's required minimum balance for the Suncat Cake Shop is $15,000. Mr. Suncat estimates direct labor and manufacturing overhead to be $84,000 for January and $92,400 for February. Mr. Suncat would like to include in the Cash Budget in January, the purchase of a new industrial oven at a cost of $75,000.

d. Mr. Suncat is concerned about cash flow and has requested that you prepare a Cash Collections Schedule, a Cash Payments Schedule, and a Cash Budget for the first two months of the year using the following information: ● ● ● ● ● Cash collections for Suncat Cake Shop are 60% of sales in the month of sale, 30% collected in the month after the sale, and 10% collected in the second month after the sale. Suncat Cake Shop pays 65% of its purchases of direct materials in the month of sale, and 35% in the month after the purchase. Cake Sales Purchases November $150,000 $10,000 December $145,600 $10,600 January $160,000 $11,400 February $176,000 $12,500 Beginning cash balance was $20,000 and Mr. Suncat's required minimum balance for the Suncat Cake Shop is $15,000. Mr. Suncat estimates direct labor and manufacturing overhead to be $84,000 for January and $92,400 for February. Mr. Suncat would like to include in the Cash Budget in January, the purchase of a new industrial oven at a cost of $75,000.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter21: Cash Budgeting (cashbud)

Section: Chapter Questions

Problem 2R: Open the file CASHBUD from the website for this book at cengagebrain.com. Enter the eight formulas...

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F SUM of Outstanding balance Status Customer C1003 C1004 C1006 C1010 C1012 C1013 C1026 C1028 C1029 C1036 C1037 C1045 C1048 C1051 G C1055 C1057 C1058 C1061 C1066 C1069 C1075 C1076 C1082 C1085 Grand Total H 0-Not Yet Due 30831 30831 I 1-30 Days 25579 3156 2353 31088 J 11791 26748 31-60 Days 61-90 Days 90+ Days 9367 10460 29297 K 25315 103611 25245 24713 L 49958 4115 1659 18793 12116 22957 20307 7791 30907 12102 12235 22997 25366 200712 M Grand Total 9367 25245 30831 24713 11791 26748 4115 1659 18793 10460 12116 22957 20307 25579 7791 3156 30907 12102 12235 2353 22997 29297 25366 25315 416200 N
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