The controller of Sonoma Housewares Inc. instructs you to prepare a manthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $135,000 $159,000 $227,000 Manufacturing costs 57,000 68,000 82,000 Selling and administrative expenses 39,000 43,000 50,000 Capital expenditures 54,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 70% are expected to be coilected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $7,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 85% are expected to be paid in the month in which they are incurred and the balance in the following month, Current assets as of May 1 include cash of $51,000, marketable securities of $73,000, and accounts receivable of $150,400 ($118,000 from April sales and $32,400 from March sales). Sales on account for March and April were $108,000 and Si18,000, respectively. Current liabilities as of May 1 include $15,000 of accounts payable incurred In April for manufacturing costs. All selling and administrative expenses are paid in cash in the perlod they are incurred. An estimated income tax payment of $19,000 will be made in June. Sonoma's regular quarterly dividend of $7,000 is expected to be declared In June and paid in July. Management wants to maintaln a minimum cash balance of $40,000. Required: 1. Prepare a monthly cash budget and supporting schedules for May, June, and July. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign.

Use the information below for Nuthatch Corporation to answer the question that follow.Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business—September, October, and November are $260,000, $375,000, and $400,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.The cash collections expected in November from accounts receivable are projected to be

The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: Sales/Costs April May June Sales $150,000 $175,000 $195,000 Manufacturing costs 66,000 87,000 115,000 Selling and admin. expenses 40,000 46,000 51,000 Capital expenses 0 0 120,000   The company expects to sell about 15% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in December, and the annual property taxes are paid in September. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.  Current…

The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: Sales Sales/Costs Manufacturing costs Selling and admin. expenses Capital expenses April $150,000 66,000 40,000 0 May $175,000 87,000 46,000 0 June $195,000 115,000 51,000 120,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in December, and the annual property taxes are paid in September. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of April 1 include cash of $42,000, marketable…

McFarland Company makes 70 percent of its sales in cash. Credit sales are collected as follows: 70 percent in the month of sale and 30 percent in the month following the sale. McFarland's budgeted sales for upcoming months follow: $ 24,200 42,000 40,000 38,000 June July August September Required: Compute McFarland's expected cash receipts for August Budgeted Cash Receipts

answer in text form please (without image)

You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $56,600. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 71,200 $ 440,000 November $ 73,400 December $ 86,200 $ 576,000 $ 639,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $315,000 for December. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $181,500, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $522,000…

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:     1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts $ 320,000 $ 440,000 $ 370,000 $ 390,000 Total cash disbursements $ 372,000 $ 342,000 $ 332,000 $ 352,000 The company’s beginning cash balance for the upcoming fiscal year will be $27,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded.     Prepare the company’s cash budget for the upcoming fiscal year.

Vishnu

Miller Corporation has the following sales budget for the third quarter of 2021:   Month                        Sales July                       $400,000  August                 $320,000 September           $500,000   Historically, the following trend has been established regarding cash collection of sales:   60 percent of sales are paid in month of sale 35 percent of sales are paid in month following the sale 5 percent of sales are uncollectible and are written off in the month following the sale   The expected total cash receipts for the month of September is:   A. $300,000. B. $25,000. C. $112,000. D. $412,000.