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Category > Accounting Posted 05 May 2017 My Price 7.00

Buckeye Pharmaceutical Company

1. Consider the following cash budgeting example for Buckeye Pharmaceutical Company. After referring to the information provided below, prepare a cash budget for the company for the period July to December 2010. All dollar amounts are in thousands. o Gross sales by month A?⤠May 2010 $ 5,000 A?⤠June 5,000 A?⤠July 10,000 A?⤠August 15,000 A?⤠September 20,000 A?⤠October 10,000 A?⤠November 10,000 A?⤠December 5,000 A?⤠January 2011 10,000 o All sales transactions are on credit, with historical data showing that 30% of current revenues are collected in the current month, 50% in the next month and 20% in the second month after sale. Assume that bad debt is negligible. o Except for supplies, assume that operating expenses are paid during the month they are incurred. Operating expenses (monthly unless indicated otherwise) for the period are as follows: A?⤠Wages and salaries: $ 750 A?⤠Insurance: 250 A?⤠Depreciation: 300 A?⤠Other expenses: 3,000 A?⤠Taxes (paid in Sep. and Dec.): 500 A?⤠Payment for capital equipment in Oct.: 1,000 A?⤠Supplies purchases in a month must equal 70% of the projected gross sales for the following month. Supplies are paid for in the month after purchase. o The corporation must maintain an ending cash balance of $3,500 each month and meets a cash shortfall through a short-term loan. (Ignore interest for purposes of this example.) For simplicity in this example, assume that excess cash remains as cash (i.e., is not reinvested). Assume that at the beginning of July, the company had a cash balance of $3,500 with no short-term loan outstanding.

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Alpha Geek
(8)
Status NEW Posted 05 May 2017 02:05 PM My Price 7.00

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file 1493995477-Answer.docx preview (502 words )
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