Rogers Services, Inc., has $8,000 cash on hand on January 1. The company requires a minimum cash balance of $7,300. January cash collections are $548,380. Total cash payments for January are $565,830. Prepare a ca budget for January. How much cash, if any, will Rogers need to borrow by the end of January?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Rogers Services, Inc., has $8,000 cash on hand on January 1. The company requires a minimum cash balance of $7,300. January cash collections are $548,380. Total cash payments for January are $565,830. Prepare a cash
budget for January. How much cash, if any, will Rogers need to borrow by the end of January?
Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.)
Rogers Services, Inc.
Combined Cash Budget
For the Month Ended January 31
Beginning cash balance
Plus: Cash collections
Total cash available
Less: Cash payments
Ending cash balance before financing
Minimum cash balance desired
Cash excess (deficiency)
Transcribed Image Text:Rogers Services, Inc., has $8,000 cash on hand on January 1. The company requires a minimum cash balance of $7,300. January cash collections are $548,380. Total cash payments for January are $565,830. Prepare a cash budget for January. How much cash, if any, will Rogers need to borrow by the end of January? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Rogers Services, Inc. Combined Cash Budget For the Month Ended January 31 Beginning cash balance Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education