FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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| Brindle Arts had the following Cash Budget for Quarter 1, 2022. | ||||
| The company requires a minimum cash balance of | $ 50,000 | |||
| Fill in the missing values: | **If a cell has a value of 0, type the 0. A blank cell will be marked as incorrect. | |||
| January | February | March | Quarter 1 | |
| Beginning Cash balance | $ 50,000 | $ 166,756 | $ 50,000 | |
| Add cash collections | ||||
| Total cash available | $ 662,638 | $ 673,643 | $ 812,693 | $ 1,931,075 |
| Less total cash disbursements: | ||||
| Purchases | $ 185,078 | $ 189,439 | ||
| Direct labor | $ 86,875 | $ 82,875 | $ 249,750 | |
| Variable manufacturing OH | $ 65,156 | $ 62,156 | $ 187,313 | |
| Fixed manufacturing OH | $ 83,333 | $ 83,333 | ||
| Variable S&A | $ 38,750 | $ 43,750 | $ 125,000 | |
| Fixed S&A | $ 38,333 | $ 38,333 | ||
| Equipment | $ 150,000 | $ 175,000 | ||
| Total cash disbursements | $ 506,887 | $ 1,869,498 | ||
| Cash available before financing | $ 27,143 | $ 166,756 | $ 85,577 | $ 61,577 |
| Financing: | ||||
| Borrowings (at beginnings of quarters) | $ 24,000 | $ - | $ 24,000 | |
| Repayments | $ - | $ - | $ 24,000 | |
| Interest | ||||
| Total Financing | $ (25,080) | |||
| Ending Cash balance | $ 51,143 | $ 60,497 | $ 60,497 |
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