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Category > Accounting Posted 02 May 2017 My Price 10.00

Balance sheet of Rodriguez Malting Company

At December 31, the balance sheet of Rodriguez Malting Company was the following (in thousands):

Cash

$ 50

Accounts payable

$ 360

Accounts receivable

530

Accrued expenses

212

Inventories

545

Bank loan

400

Current assets

$1,125

Current liabilities

$ 972

Net fixed assets

1,836

Long-term debt

450
   

Common stock

100
 

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Retained earnings Total liabilities and

1,439

Total assets

$2,961

shareholders’ equity

$2,961

The company has received a large order and anticipates the need to go to its bank to increase its borrowings. As a result, it needs to forecast its cash requirements for January, February, and March.

Typically, the company collects 20 percent of its sales in the month of sale, 70 percent in the subsequent month, and 10 percent in the second month after the sale. All sales are credit sales.

Purchases of raw materials to produce malt are made in the month prior to the sale and amount to 60 percent of sales in the subsequent month. Payments for these purchases occur in the month after the purchase. Labor costs, including overtime, are expected to be $150,000 in January, $200,000 in February, and $160,000 in March. Selling, administrative, tax, and other cash expenses are expected to be $100,000 per month for January through March. Actual sales in November and December and projected sales for January through April are as follows (in thousands):

November $500

February $1,000

December 600

March 650

January 600

April 750

On the basis of this information:

a. Prepare a cash budget for the months of January, February, and March.

b. Determine the amount of additional bank borrowings necessary to maintain a cash balance of $50,000 at all times. 

c. Prepare a projected Income Statement for the months of January, February and March

d. Prepare a forecast balance sheet for March 31. 

Answers

Alpha Geek
(8)
Status NEW Posted 02 May 2017 11:05 AM My Price 10.00

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file 1493724600-answer1.docx preview (493 words )
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