Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 7.00

controller of Harrington Company

The controller of Harrington Company wants to improve the company’s control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2011.
June 30, 2011 cash balance …………………………………. $45,000
Dividends to be declared on July 15* ………………………… 12,000
Cash expenditures to be paid in July for operating expenses … 36,800
Amortization expense in July ………………………………….. 4,500
Cash collections to be received in July ………………………. 89,000
Merchandise purchases to be paid in cash in July …………… 56,200
Equipment to be purchased for cash in July …………………. 20,500
*Dividends are payable 30 days after declaration to shareholders of record on the declaration date.
Harrington Company wants to keep minimum cash balance of $25,000.

Instructions
(a) Prepare a cash budget for the month ended July 31, 2011, and indicate how much money, if any, Harrington Company will need to borrow to meet its minimum cash requirement.
(b) Explain how cash budgeting can reduce the cost of short-term borrowing.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 12:07 PM My Price 7.00

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