* CengageNOWv2 | Online teachin xow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3falseeBookShow Me HowE Print Item1. Prepare a monthly cash budget and supporting schedules for June, July, and August. Enter all amounts as positive numbers except for Cash (decrease) and (deficiency). Use the minus sign to indicate anoverall cash decrease and deficiency.Mercury Shoes Inc.Cash BudgetFor the Three Months Ending August 31JuneJulyAugustEstimated cash receipts from:Cash salesCollection of accounts receivableTotal cash receiptsEstimated cash payments for:Manufacturing costsSelling and administrative expensesCapital expendituresOther purposes:Income taxDividendsTotal cash paymentsCash increase or (decrease)Cash balance at beginning of monthCash balance at end of monthMinimum cash balanceExcess or (deficiency) * CengageNOWv2 | Online teachin xv.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseеВookShow Me HowE Print ItemCash BudgetThe 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:JuneJulyAugustSales$160,000$185,000 $200,000Manufacturing costs66,00082,000105,000Selling and administrative expenses40,00046,00051,000Capital expenditures120,000The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (secondmonth after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, and the annualproperty taxes are paid in November. 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 June 1 include cash of $42,000, marketable securities of $25,000, and accounts receivable of $198,000 ($150,000 from May sales and $48,000 from April sales). Sales on account in Apriland May were $120,000 and $150,000, respectively. Current liabilities as of June i include $13,000 of accounts payable incurred in May for manufacturing costs. All selling and administrative expenses arepaid in cash in the period they are incurred. An eştimated income tax payment of $24,000 will be made in July. Mercury Shoes' regular quarterly dividend of $15,000 is expected to be declared in July andpaid in August. Management wants to maintain a minimum cash balance of $40,000.Required:1. Prepare a monthly cash budget and supporting schedules for June, July, and August. Enter all amounts as positive numbers except for Cash (decrease) and (deficiency). Use the minus sign to indicate anoverall cash decrease and deficiency.Mercury Shoes Inc.Cash BudgetFor the Three Months Ending August 31JuneJulyAugustEstimated cash receipts from:Cash sales

1. Cash Budget - Cash Budget is the estimation made by the organization for the future period based…

Mercury Shoes Inc. Cash Budget For the Three Months Ending August 31 June July August Estimated cash receipts from: Cash sales Collection of accounts receivable Total cash receipts Estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends Total cash payments Cash increase or (decrease) Cash balance at beginning of month Cash balance at end of month Minimum cash balance Excess or (deficiency)

Mercury Shoes Inc. Cash Budget For the Three Months Ending August 31 June July August Estimated cash receipts from: Cash sales Collection of accounts receivable Total cash receipts Estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends Total cash payments Cash increase or (decrease) Cash balance at beginning of month Cash balance at end of month Minimum cash balance Excess or (deficiency)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 1E: At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of...

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* CengageNOWv2 | Online teachin x ome keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еBok Show Me How Print Item Personal Budget At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough ca December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job) $9,250 Purchase season football tickets in September 160 Additional entertainment for each month: 250 Pay fall semester tuition in September 4,800 Pay rent at the beginning of each month 600 Pay for food each month. 550 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,200 a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a…
owa Imaging Center provided the financial information in Exhibit 5.15 below. Prepare a cash budget for the quarter ending March 20X1. For Blackboard you will enter your ENDING cash balance for the months of January 20X1, February 20X1, March 20X1, and the Quarter ending March 20X1. I want you to submit your work for this problem by email so I can review the entire document. Exhibit 5-15 Iowa Imaging Center Givens Revenues and Expenses Patient Revenues, 20X0 Estimated Patient Revenues, 20X1 Given 1 October $4,000,000 Given 2 January $4,300,000 November $4,200,000 February $4,350,000 December $4,300,000 March $4,400,000 Other Revenues, 20X1 Estimated Cash Outflows, 20X1a Given 3 January $90,000 Given 4 January $4,250,000…
3. Using the format demonstrated in your textbook - Prepare the following budgets (be sure to show/demonstrate ALL calculations - include quarterly AND yearly totals) in excel or google drive: a. production budget b. direct materials budget c. direct labor budget d. manufacturing overhead budget e. selling and administrative budget
gageNOWv2 | Online teachin x akeAssignment/takeAssignmentMain.do?invoker=8&takeAssignmentSessionlocator=8inprogress=false eBook Show Me How Print Item Personal Budget At the beginning of the school year, Katherine Malloy decided to prepare a cash budoet for the months of September, October, November, and December. The budget must plan for enough cas on December 31 to pay the spring semester tuition, which is the same as the fall tuition The following information relates to the budget: $6,210 Cash balance, September 1 (from a summer job) 80 Purchase season football tickets in September 220 Additional entertainment for each month 3,400 Pay fall semester tuition in September 300 Pay rent at the beginning of each month 170 Pay for food each month 400 Pay apartment deposit on September 2 (to be returned December 15) 770 Part-time job earnings each month (net of taxes) a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an…
D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of April: Cash Accounts receivable Inventories Accounts payable $ 101,000 1,321,000 930,000 418,462 The firm follows these guidelines in preparing its budgets: • Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross amounts and collects 60% of the billings within the discount period, 25% by the end of the month, and 9% by the end of the second month. The firm's experience suggests that 6% is likely to be uncollectible and is written off at the end of the third month. • Purchases and expenses. All purchases and expenses are on open account. The firm pays its payables over a 2-month period with 54% paid in the month of purchase. Each month's units of ending inventory should equal 125% of the next month's cost of sales.…
Styles Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages ( OMR) Over heads (OMR) (OMR) (OMR) August September October 20000 10200 3800 1900 21000 10000 3800 2100 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1.. Sales /Debtors 10% sales are on Cash, 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors- materials 2 months Wages 1 month -1 month Overheads 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1* December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax to be received in December RO.5000
Q.No. 2 Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages Over heads (OMR) (OMR) (OMR) (OMR) 1900 August 20000 10200 3800 September 21000 10000 3800 2100 October 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1. Sales /Debtors 10% sales are on Cash , 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors – materials 2 months Wages 1 month Over heads – 1 month 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1st December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax tobe received in December RO.5000
Classique Household Furnishings & Appliances is a family-owned furniture store. You are themanagement accountant of the concern and have been given the task of preparing the cash budget for thebusiness for the quarter ending September 30, 2018. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows: MonthCashSalesSalesOn AccountPurchasesOn AccountMay $50,000 $480,000 $390,000June $65,000 $600,000 $360,000July $43,400 $720,000 $450,000August $52,800 $640,000 $400,000September $56,750 $800,000 $500,000ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on accountare settled according to the following credit pattern, in accordance with the credit terms 5/30, n90:50% in the month of sale35% in the first month following the sale15% in the second month following the saleiii) Accounts payable are settled as follows, in accordance with the credit terms – 4/30, n60:70% in the month in which the…
Classique Household Furnishings & Appliances is a family-owned furniture store. You are themanagement accountant of the concern and have been given the task of preparing the cash budget for thebusiness for the quarter ending September 30, 2018. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows:MonthCashSalesSalesOn AccountPurchasesOn AccountMay $50,000 $480,000 $390,000June $65,000 $600,000 $360,000July $43,400 $720,000 $450,000August $52,800 $640,000 $400,000September $56,750 $800,000 $500,000ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on accountare settled according to the following credit pattern, in accordance with the credit terms 5/30, n90:50% in the month of sale35% in the first month following the sale15% in the second month following the saleiii) Accounts payable are settled as follows, in accordance with the credit terms – 4/30, n60:70% in the month in which the…
ONLY ANSWER QUESTION (B) the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows:Month CashSales SalesOn Account CashPurchases PurchasesOn AccountMay $75,000 $480,000 $390,000June $135,000 $600,000 $36,000 $360,000July $86,800 $720,000 $61,700 $450,000August $105,600 $640,000 $68,800 $400,000September $112,500 $800,000 $77,250 $500,000ii) An analysis of the records shows that trade…
From the attached photo answer the following: 1. What is the sales collection schedule for the six (6) months showing the accounts receivable at the end of the six months ending June 2021.2.What is he purchase payment schedule for the six (6) months showing discounts received and accounts payable at the end of the six months ending June 2021.3. What is the cash budget including a total column for the three (3) months ending June 2021 (April to June 2021).
Tamarisk Garden Center has the following cash budget information available for the month of August: Beginning cash balance Cash receipts from sales and collections on account Collection of note receivable and interest Cash disbursements for operating expenses The company would have to $129,000 eTexthonk and Media 115,000 8,100 If the company has a policy of maintaining an end of the month cash balance of $120,000, determine the amount the company would have to borrow or the amount of excess cash it will have to invest in August. 96,400 SUPPORT