1) | Schedule of Expected Cash collections | ||||||||
December cash sales | 98,200 | ||||||||
Collections on account | |||||||||
October sales | (525000*18%) | 94500 | |||||||
november sales | (559000*60%) | 335400 | |||||||
december sales | (643000*20%) | 128600 | |||||||
total cash collections | 656,700 | answer | |||||||
2) | Schedule of Expected cash disbursement | ||||||||
Payments to Suppliers: | |||||||||
November purchases | 201,500 | ||||||||
December purchases | (371000*30%) | 111300 | |||||||
total cash disbursement | 312,800 | answer | |||||||
3) | Cash budget | ||||||||
Beginning cash balance | 45,000 | ||||||||
Add collections from customers | 656,700 | ||||||||
total cash available | 701,700 | ||||||||
less cash disbrsements | |||||||||
payments to suppliers for inventory | 312,800 | ||||||||
Selling and administrative expenses | 416,900 | ||||||||
New web server | 95,000 | ||||||||
dividends paid | 13,500 | ||||||||
total cash disbursements | 838,200 | ||||||||
Excess(deficiency) of cash available over disbursement | -136,500 | ||||||||
Financing: | |||||||||
Borrowings | 156,500 | ||||||||
Repayments | 0 | ||||||||
interest | 0 | ||||||||
total financing | 156,500 | ||||||||
Ending cash balance | 20,000 | ||||||||
You have been asked to prepare a December cash budget for Ashton Company, a distributor of...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 will be $39,000. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 65,000 397,000 November $ 65,000 522,000 December $ 82,600 598,000 Sales on account are collected over a three-month period in the...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $58,600. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 73,200 $ 78,000 $ 92,000 $ 485,000 $ 568,000 $ 663,000 Sales on account are collected over a three-month period...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $53,200. b. Actual sales for October and November and expected sales for December are shown below. Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $56,600. b. Actual sales for October and November and expected sales for December are shown below. Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $41,000. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 68,400 $ 87,400 $ 95, 800 $ 415,000 $ 614,000 $ 692,000 Sales on account are collected over a three-month...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $58,600. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 73,200 $ 485,000 November December $ 78,000 $ 92,000 $ 568,000 $ 663,000 Sales on account are collected over a three-month period...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $58,600. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 73,200 $ 78,000 $ 92,000 $ 485,000 $ 568,000 $ 663,000 Sales on account are collected over a three-month period...
value 10.00 points You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $40,000 b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 65,000 $ 70,000 $ 83,000 400,000 525,000 600,000 Sales on account are collected over a three-month period...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment The following information is available about the company's operations: a. The cash balance on December 1 is $53.400 b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 77,000 $ 81,200 $ 87,800 $435,000 $538,000 $644,800 Sales on account are collected over a three-month period as follows: 20%...
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $41,000. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 68,400 $ 87,400 $ 95,800 $ 415,000 $ 614,000 $ 692,000 Sales on account are collected over a three-month period...