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month). (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, May, and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Cash receipts from Total cash receipts Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April Beginning cash balance S Total cash available Less: Cash payments for: $ 44,800 $ CASTOR, INCORPORATED 0 $ $ $ (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, Mi and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollar.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May 44,800 $ 0 $ CASTOR, INCORPORATED Cash Budget April 56,000 $ 0 0 $ May June May 33,600 56,000 $ 0 0 $ 0 June 33,600 June 0 0

month). (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, May, and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Cash receipts from Total cash receipts Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April Beginning cash balance S Total cash available Less: Cash payments for: $ 44,800 $ CASTOR, INCORPORATED 0 $ $ $ (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, Mi and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollar.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May 44,800 $ 0 $ CASTOR, INCORPORATED Cash Budget April 56,000 $ 0 0 $ May June May 33,600 56,000 $ 0 0 $ 0 June 33,600 June 0 0

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter9: Profit Planning And Flexible Budgets
Section: Chapter Questions
Problem 72P: Cash Budget The controller of Feinberg Company is gathering data to prepare the cash budget for...
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Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted Sales Cash payments for merchandise purchases April May $ 44,800 $ 56,000 28,280 23,520 Sales are 50% cash and 50% on credit. Sales in March were $33,600. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $16,800 in cash and $2,800 in loans payable. A minimum cash balance of $16,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $16,800. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $16,800 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (2% of sales), office salaries ($7,000 per month), and rent ($4,200 per month). (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, May. and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Cash receipts from Total cash receipts Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April Beginning cash balance $ 44,800 $ Total cash available Less: Cash payments for: 0 $ CASTOR, INCORPORATED $ May (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, M and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollar.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April $ 44,800 $ 0 $ CASTOR, INCORPORATED Cash Budget April 56,000 $ 0 0$ June $ 33,600 24,080 May June May 56,000 $ 33,600 0 0 $ o June 33,600 June 0 0
Transcribed Image Text:Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted Sales Cash payments for merchandise purchases April May $ 44,800 $ 56,000 28,280 23,520 Sales are 50% cash and 50% on credit. Sales in March were $33,600. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $16,800 in cash and $2,800 in loans payable. A minimum cash balance of $16,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $16,800. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $16,800 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (2% of sales), office salaries ($7,000 per month), and rent ($4,200 per month). (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, May. and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Cash receipts from Total cash receipts Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April Beginning cash balance $ 44,800 $ Total cash available Less: Cash payments for: 0 $ CASTOR, INCORPORATED $ May (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, M and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollar.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April $ 44,800 $ 0 $ CASTOR, INCORPORATED Cash Budget April 56,000 $ 0 0$ June $ 33,600 24,080 May June May 56,000 $ 33,600 0 0 $ o June 33,600 June 0 0
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