FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…
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Carla Vista Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance Required minimum cash balance Payment of income taxes (2nd quarter) Professional salaries: 1st quarter 2nd quarter Interest from investments (2nd quarter) Overhead costs: 1st quarter 2nd quarter Selling and administrative costs, including $2,180 depreciation: 1st quarter 2nd quarter Purchase of equipment (2nd quarter) Sale of equipment (1st quarter) Collections from clients: 1st quarter 2nd quarter Interest payments (2nd quarter) $32,700 27,250 4,360 152,600 152,600 7,630 83,930 109,000 54,500 76,300 54,500 13,080 256,150 414,200 218 Prepare a cash budget for each of the first two quarters of 2020. CARLA VISTA DENTAL CLINIC Cash Budget > $ 1st Quarter $ 2nd Qua 110
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Transcribed Image Text:Carla Vista Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance Required minimum cash balance Payment of income taxes (2nd quarter) Professional salaries: 1st quarter 2nd quarter Interest from investments (2nd quarter) Overhead costs: 1st quarter 2nd quarter Selling and administrative costs, including $2,180 depreciation: 1st quarter 2nd quarter Purchase of equipment (2nd quarter) Sale of equipment (1st quarter) Collections from clients: 1st quarter 2nd quarter Interest payments (2nd quarter) $32,700 27,250 4,360 152,600 152,600 7,630 83,930 109,000 54,500 76,300 54,500 13,080 256,150 414,200 218 Prepare a cash budget for each of the first two quarters of 2020. CARLA VISTA DENTAL CLINIC Cash Budget > $ 1st Quarter $ 2nd Qua 110
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Step 1: Understanding of cash budget:
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Step 2: Computation of Cash Paid for Selling & Administrative Expenses:
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Step 3: Preparation of Cash Budget:
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