Ivanhoe Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2025. Sales Purchases Salaries Administrative expenses Selling expenses Other data. 1. 2. 3. January $360,300 4. 121,000 84,400 71,600 All sales and purchases are on account. Ejudgeted collections and disbursement data are given below. All other expenses are paid in the month incurred. Administrative expenses include $1,100 of depreciation per month. 79,300 February $400,600 130,900 81,200 73,900 86,400 Collections from customers: January $330,600; February $379,000. Payments for purchases: January $102,600; February $143,100. Other receipts: January: collection of December 31, 2024, notes receivable $17,600; February: proceeds from sale of securities $5,200. Other disbursements: February $12,000 cash dividend. The company's cash balance on January 1, 2025, is expected to be $47,700. The company wants to maintain a minimum cash balance of $56,020. Prepare a cash budget for January and February. (List items that increase cash balance first.)

Ivanhoe Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2025. Sales Purchases Salaries Administrative expenses Selling expenses Other data. 1. 2. 3. January $360,300 4. 121,000 84,400 71,600 All sales and purchases are on account. Ejudgeted collections and disbursement data are given below. All other expenses are paid in the month incurred. Administrative expenses include $1,100 of depreciation per month. 79,300 February $400,600 130,900 81,200 73,900 86,400 Collections from customers: January $330,600; February $379,000. Payments for purchases: January $102,600; February $143,100. Other receipts: January: collection of December 31, 2024, notes receivable $17,600; February: proceeds from sale of securities $5,200. Other disbursements: February $12,000 cash dividend. The company's cash balance on January 1, 2025, is expected to be $47,700. The company wants to maintain a minimum cash balance of $56,020. Prepare a cash budget for January and February. (List items that increase cash balance first.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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