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Category > Management Posted 06 Jan 2018 My Price 9.00

Athletic World

Cash Budgeting

Athletic World is a sporting goods store. The following data are for use in preparing its forecast of cash needs for June:

a. Current assets (May 31):

b. Sales are made 60% on credit and 40% for cash. All credit sales are collected in the month following the sale

c. Athletic World’s June expenses are estimated to be:

d. Athletic World buys all its inventory from companies on the West Coast and wants to maintain an inventory level equal to one-half of the next month’s sales. Payments for merchandise are made 50% during the month of purchase and 50% in the next month.

e. Other cash expenditures planned for June are:

(1) The purchase of $7,000 of furniture.

(2) The payment of $9,000 of dividends.

f. Athletic World desires to maintain a minimum cash balance of $10,000. The store has an arrangement with a local bank whereby it can borrow money in multiples of $1,000. Interest is charged on all loans at an annual rate of 10% and is assessed for a full quarter both in the quarter in which the money is borrowed and in the quarter in which the money is repaid. Interest is paid when the loan is repaid.

Required:

Prepare Athletic World’s cash budget for June

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Jan 2018 05:01 PM My Price 9.00

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