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Category > Accounting Posted 12 Jul 2017 My Price 15.00

ABC Company’s budgeted sales

ABC Company’s budgeted sales for June, July, and August are 14,800, 18,800, and 16,800 units. The selling price for each unit is $14. Based on past experience, ABC expects that 30% of a month’s sales will be collected in the month of sale, 60% in the following month, and 8% in the second month following the sale. ABC Company has a cash balance of $39,000 on August 1 and requires a minimum ending cash balance of $34,000. Cash disbursements budgeted for August include inventory purchases, $31,000; other manufacturing expenses, $93,000; operating expenses, $42,000; bond retirements, $64,000; and dividend payments, $29,000

ABC Company’s budgeted sales for June, July, and August are 14,800, 18,800, and 16,800 units. The selling price for each unit is $14. Based on past experience, ABC expects that 30% of a month’s sales will be collected in the month of sale, 60% in the following month, and 8% in the second month following the sale. ABC Company has a cash balance of $39,000 on August 1 and requires a minimum ending cash balance of $34,000. Cash disbursements budgeted for August include inventory purchases, $31,000; other manufacturing expenses, $93,000; operating expenses, $42,000; bond retirements, $64,000; and dividend payments, $29,000.

 

 

 

 

 
 
 

August

Beginning cash balance

$39,000

Cash Receipts:

  

Cash collections from sales

  

Total cash available

$39,000

Cash Disbursements:

  

For payment of inventory purchases

31,000

For payment of other manufacturing expenses

93,000

For payment of operating expenses

42,000

For payment to retire bond

64,000

For payment of dividends

29,000
   
   

Total cash disbursements

$259,000

Excess of available cash over disbursements

  

Borrowings

  

Ending cash balance

  

Have to find cash collections from sales, borrowings, excess available cash over disbursements

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jul 2017 08:07 PM My Price 15.00

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