Using Excell, develop a personal Cash Budget Covering December 2018 to May 2019.
Using Excell, develop a personal Cash Budget Covering December 2018 to May 2019.
Homework Answers
| Cash Budget | |||||||
| For December 2018 through May 2019 | |||||||
| Dec | Jan | Feb | Mar | Apr | May | ||
| Beginning Cash Balance | $ 935.00 | $ 891.00 | $ 928.00 | $ 895.00 | $ 889.00 | $ 939.00 | |
| Cash from Operations | $ 125.00 | $ 218.00 | $ 141.00 | $ 156.00 | $ 211.00 | $ 161.00 | |
| Total Available Cash | $ 1,060.00 | $ 1,109.00 | $ 1,069.00 | $ 1,051.00 | $ 1,100.00 | $ 1,100.00 | |
| Less: | |||||||
| Capital Expenditures | $ 113.00 | $ 123.00 | $ 113.00 | $ 106.00 | $ 102.00 | $ 94.00 | |
| Interest | $ 20.00 | $ 26.00 | $ 24.00 | $ 25.00 | $ 21.00 | $ 22.00 | |
| Dividends | $ 2.00 | $ 4.00 | $ 3.00 | $ 5.00 | $ - | $ 2.00 | |
| Debt Retirement | $ 50.00 | $ 31.00 | $ 40.00 | $ 32.00 | $ 48.00 | $ 39.00 | |
| Other | $ - | $ - | $ - | $ - | $ - | ||
| Total Disbursements | $ 185.00 | $ 184.00 | $ 180.00 | $ 168.00 | $ 171.00 | $ 157.00 | |
| Cash Balance (Deficit) | $ 875.00 | $ 925.00 | $ 889.00 | $ 883.00 | $ 929.00 | $ 943.00 | |
| Add: | |||||||
| Short Term Loans | $ 6.00 | $ 3.00 | $ 6.00 | $ 6.00 | $ 10.00 | $ 9.00 | |
| Long Term Loans | $ 10.00 | $ - | $ - | $ - | $ - | $ - | |
| Capital Stock issues | $ - | $ - | $ - | $ - | $ - | $ - | |
| Total Additions | $ 16.00 | $ 3.00 | $ 6.00 | $ 6.00 | $ 10.00 | $ 9.00 | |
| Ending Cash Balance | $ 891.00 | $ 928.00 | $ 895.00 | $ 889.00 | $ 939.00 | $ 952.00 | |
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Using Excell, develop a personal Cash Budget Covering December
2018 to May 2019.
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Preparation of cash budget. Personal finance problem Sam and Suzy Sizeman need to prepare a cash budget for the last quarter of 2016 in order to make sure they can cover their expenditures during the period. Sam and Suzy have been preparing budgets for the past several years and have been able to establish specific percentages for most of their cash outflows. These percentages are based on their take-home pay (that is, monthly utilities normally run 5.3% of monthly take-home...
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Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $77,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $53,000 and budgeted credit sales are $493,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale....
1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement...
1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement to Show the loss or gain on exchange (10 points) Prepare the journal entry to record this transaction. Omit explanation (25 points) Assume the exchange had commercial substance. 4) Marketsite, Inc. completed the following treasury stock transactions in 2018: June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $10 per share. June 14 Sold...
The following is the ending balances of accounts at June 30, 2018 for Excell Company. Account...
The following is the ending balances of accounts at June 30,
2018 for Excell Company.
Account Title
Debits
Credits
Cash
$
93,000
Short-term investments
75,000
Accounts receivable
290,000
Prepaid expenses
42,000
Land
85,000
Buildings
330,000
Accumulated depreciation—buildings
$
165,000
Equipment
270,000
Accumulated depreciation—equipment
125,000
Accounts payable
178,000
Accrued expenses
50,000
Notes payable
110,000
Mortgage payable
240,000
Common stock
150,000
Retained earnings
167,000
Totals
$
1,185,000
$
1,185,000
Additional information:
The short-term investments account includes $23,000 in U.S.
treasury bills purchased...
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The following is the ending balances of accounts at June 30, 2018 for Excell Company Debits...
The following is the ending balances of accounts at June 30, 2018 for Excell Company Debits Credits Cash Short-term investments Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Acerued expenses Notes payable Mortgage payable Conmon stock Retained earnings Totals $ 95,000 77,000 292, 000 44,000 87,000 332,000 $166,000 271,000 126,000 179, 000 51,000 112,000 260,000 160,000 144.000 1,198,000 $1,198,000 Additional information: 1. The short-term investments account includes $24,000 in U.S. treasury bills purchased in May....
Preparation of cash budget. Personal finance problem Sam and Suzy Sizeman need to prepare a cash budget for the last quarter of 2016 in order to make sure they can cover their expenditures during the period. Sam and Suzy have been preparing budgets for the past several years and have been able to establish specific percentages for most of their cash outflows. These percentages are based on their take-home pay (that is, monthly utilities normally run 5.3% of monthly take-home...
Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $77,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $53,000 and budgeted credit sales are $493,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale....
1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement to Show the loss or gain on exchange (10 points) Prepare the journal entry to record this transaction. Omit explanation (25 points) Assume the exchange had commercial substance. 4) Marketsite, Inc. completed the following treasury stock transactions in 2018: June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $10 per share. June 14 Sold...
The following is the ending balances of accounts at June 30,
2018 for Excell Company.
Account Title
Debits
Credits
Cash
$
93,000
Short-term investments
75,000
Accounts receivable
290,000
Prepaid expenses
42,000
Land
85,000
Buildings
330,000
Accumulated depreciation—buildings
$
165,000
Equipment
270,000
Accumulated depreciation—equipment
125,000
Accounts payable
178,000
Accrued expenses
50,000
Notes payable
110,000
Mortgage payable
240,000
Common stock
150,000
Retained earnings
167,000
Totals
$
1,185,000
$
1,185,000
Additional information:
The short-term investments account includes $23,000 in U.S.
treasury bills purchased...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $91,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $67,000 and budgeted credit sales are $507,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
Ovando Ltd. Statement of Financial Position December 31, 2018 and 2019 Assets Cash Accounts receivable Inventory Property, plant and equipment Accumulated depreciation 2019 $ 56,000 496,000 224,000 819,200 -275,200 $1.320.000 2018 $ 35,200 372,800 184,000 768,000 -240.000 S1.120.000 Liabilities and shareholders' equity Liabilities Accounts payable $ 400,000 S 416,000 240.000 160.000 Long-term debt Shareholders' equity Common shares Retained earnings 160,000 504.000 664.000 $1,320,000 120,000 440.000 560.000 $1,120,000 Ovando Ltd. Income Statement For the year ended December 31, 2019 $1,600,000 960.000...
The following is the ending balances of accounts at June 30, 2018 for Excell Company Debits Credits Cash Short-term investments Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Acerued expenses Notes payable Mortgage payable Conmon stock Retained earnings Totals $ 95,000 77,000 292, 000 44,000 87,000 332,000 $166,000 271,000 126,000 179, 000 51,000 112,000 260,000 160,000 144.000 1,198,000 $1,198,000 Additional information: 1. The short-term investments account includes $24,000 in U.S. treasury bills purchased in May....
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