FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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32 33 The company has a line of credit available to bolster the cash balance as needed. 34 35 When preparing budgets, the company maintains their data on a separate sheet from the actual budget and schedules. 36 37 Click the Schedules and Cash Budget tab to prepare the following: 38 1. Schedule of expected cash collections for March. 39 40 41 42 43 44 45 2. Schedule of expected cash disbursements for inventory purchases for March. 3. Cash budget for March. Indicate in the financing section any borrowing that will be needed in March. Assume that any interest will not be paid until the following month. < ▶ Budget Data Schedules and Cash Budget + 4
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Transcribed Image Text:32 33 The company has a line of credit available to bolster the cash balance as needed. 34 35 When preparing budgets, the company maintains their data on a separate sheet from the actual budget and schedules. 36 37 Click the Schedules and Cash Budget tab to prepare the following: 38 1. Schedule of expected cash collections for March. 39 40 41 42 43 44 45 2. Schedule of expected cash disbursements for inventory purchases for March. 3. Cash budget for March. Indicate in the financing section any borrowing that will be needed in March. Assume that any interest will not be paid until the following month. < ▶ Budget Data Schedules and Cash Budget + 4
1 S & P Enterprises needs a cash budget for March. The following information is available. 2 3 Data 4 Actual January and February and expected March sales: 5 Cash sales 6 Sales on account 7 Total Sales 8 9 Accounts Receivable Collections: 10 Month of sale 11 Month following sale 12 Second month following sale Uncollectible 13 14 15 Accounts payable for inventory purchases, March 1 balance 16 Budgeted inventory purchases in March 17 Inventory payments: 18 Month of purchase 19 Month following purchase 20 21 Total budgeted selling & administrative expenses in March 22 Budgeted selling & administrative depreciation in March 23 24 Other budgeted cash disbursements in March 25 Equipment purchases Dividends to be paid 26 27 28 Minimum cash balance to be maintained 29 March 1 cash balance 30 March 1 outstanding borrowings 31 March 1 interest due 32 ◄ READY Attempt(s) Budget Data January 15% 60% 22% 3% 3,750 $ 5,100 $ 1,600 $ 25,000 30,000 40,000 $ 26,600 $ 33,750 $45.100 $10,500 $23,500 60% 40% $12,500 $3,200 $14,000 $2,000 $10,000 $11,500 $0 $0 February Schedules and Cash Budget March -F H Hint 10% + Show Me
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Transcribed Image Text:1 S & P Enterprises needs a cash budget for March. The following information is available. 2 3 Data 4 Actual January and February and expected March sales: 5 Cash sales 6 Sales on account 7 Total Sales 8 9 Accounts Receivable Collections: 10 Month of sale 11 Month following sale 12 Second month following sale Uncollectible 13 14 15 Accounts payable for inventory purchases, March 1 balance 16 Budgeted inventory purchases in March 17 Inventory payments: 18 Month of purchase 19 Month following purchase 20 21 Total budgeted selling & administrative expenses in March 22 Budgeted selling & administrative depreciation in March 23 24 Other budgeted cash disbursements in March 25 Equipment purchases Dividends to be paid 26 27 28 Minimum cash balance to be maintained 29 March 1 cash balance 30 March 1 outstanding borrowings 31 March 1 interest due 32 ◄ READY Attempt(s) Budget Data January 15% 60% 22% 3% 3,750 $ 5,100 $ 1,600 $ 25,000 30,000 40,000 $ 26,600 $ 33,750 $45.100 $10,500 $23,500 60% 40% $12,500 $3,200 $14,000 $2,000 $10,000 $11,500 $0 $0 February Schedules and Cash Budget March -F H Hint 10% + Show Me
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Step 1: Budgeting Explanation Provided as follows -
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Step 2: Working Note Prepared -
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Step 3: Formula for Computation of Budgeting Schedile
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