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Category > Management Posted 05 Oct 2017 My Price 7.00

Austin Corporation

Austin Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2012.

   

January

  

February
Sales   $361,360   $401,330
Purchases   120,450   130,020
Salaries   84,130   81,470
Administrative expenses   71,520   74,030
Selling expenses   79,670   86,690


All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred except for administrative expenses, which include $1,390 of depreciation per month.

Other data.

1.   Collections from customers: January $336,300; February $378,680.
2.   Payments for purchases: January $110,950; February $140,640.
3.   Other receipts: January: collection of December 31, 2011, notes receivable $17,090; February: proceeds from sale of securities $6,210.
4.   Other disbursements: February $12,130 cash dividend.


The companyAc€?cs cash balance on January 1, 2012, is expected to be $47,870. The company wants to maintain a minimum cash balance of $53,334.

Prepare a cash budget for January and February.

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Maurice Tutor
(5)
Status NEW Posted 05 Oct 2017 04:10 PM My Price 7.00

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