Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July $ 56,000 August $ 72,000 September $ 56,000 Budgeted sales Budgeted cash payments for Direct materials 15,560 3,440 19,600 12,840 2,760 16,200 13,160 2,840 16,600 Direct labor Overhead Sales to customers are 20% cash and 80% on credit. Sales in June were $53,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $47,000 in cash and $4,400 in loans payable. A minimum cash balance of $47,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $47,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $47,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,400 per month), and rent ($5,900 per month). Prepare a cash budget for the months of July, August, and September. (Negative balances and Loan repayment amounts (if any)

Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow.    July August September Budgeted sales $ 55,000   $ 71,000   $ 57,000   Budgeted cash payments for                   Direct materials   15,360     12,640     12,960   Direct labor   3,240     2,560     2,640   Factory overhead   19,400     16,000     16,400      Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,200 in accounts receivable; and a $4,200 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are…

Use the following information for the Problems below. (Algo) Skip to question   [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,100,000 Costs   Direct materials 992,000 Direct labor 232,500 Sales staff commissions 62,000 Depreciation—Machinery 295,000 Supervisory salaries 198,000 Shipping 217,000 Sales staff salaries (fixed annual amount) 251,000 Administrative salaries 498,500 Depreciation—Office equipment 199,000 Income $ 155,000   Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1   Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) $ 3,746,250 Costs   Direct materials $ 1,198,800 Direct labor 284,900 Sales staff commissions 64,750…

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[The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales July $ 61,500 August $ 77,500 Budgeted cash payments for Direct materials Direct labor Overhead 16,660 4,540 20,700 13,940 3,860 17,300 September $ 50,500 14,260 3,940 17,700 Sales to customers are 25% cash and 75% on credit. Sales in June were $60,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $25,000 in cash and $5,500 in loans payable. A minimum cash balance of $25,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $25,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $25,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales),…

of 2 ook rint rences- Required information [The following information applies to the questions displayed below] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead Sales Cash receipts from: July $ 63,500 Total cash receipts 16,260 4,140 20,300 Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. A minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of…

Your Company is working on its cash budget for July. The budgeted beginning cash balance is $46,000. Budgeted cash receipts total $174,000 and budgeted cash disbursements total $175,000. The desired ending cash balance is $50,000. What is the excess (deficiency) of cash available over disbursements for July?   Group of answer choices $  45,000 $221,000 $  50,000 $    1,000 $  47,000

[The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales July $ 57,000 August $ 73,000 September $ 55,000 Budgeted cash payments for Direct materials Direct labor Overhead 15,760 3,640 19,800 13,040 13,360 2,960 16,400 3,040 16,800 Sales to customers are 20% cash and 80% on credit. Sales in June were $54,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $43,000 in cash and $4,600 in loans payable. A minimum cash balance of $43,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $43,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $43,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales),…

! Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 8,400, 15,000, 17,00O, and 18,000 units, respectively. All sales are on credit. b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.50 per pound. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct Ilabor wage rate is $12 per hour. Each unit of finished goods requires two…

Please answer Cash Budget To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 20,800 units. Budgeted sales in units follow: April, 20,800; May, 21,600; June, 20,900; and July, 20,800. The product’s selling price is $26.00 per unit and its total product cost is $21.00 per unit. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month’s ending materials inventory to equal 50% of the next month’s direct materials requirements. The March 31 raw materials inventory is 5,360 pounds. The budgeted June 30 ending raw materials inventory is 4,200 pounds. Each finished unit requires 0.50 pound of direct materials. Company policy calls for a given month’s ending finished goods inventory to equal 80% of the next month’s budgeted unit sales. The March 31 finished goods inventory is 16,640 units. Each finished unit requires 0.50 hour of direct labor at a rate of $17…