A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $4,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.)
Answer:
Cash Budget
Quarter | |||||
1 | 2 | 3 | 4 | Year | |
Cash balance, Beginning | $ 6,000.00 | $ 4,000.00 | $ 4,000.00 | $ 6,000.00 | $ 20,000.00 |
Add collections from customers | $ 63,000.00 | $ 94,000.00 | $ 108,000.00 | $ 104,000.00 | $ 369,000.00 |
Total Cash available | $ 69,000.00 | $ 98,000.00 | $ 112,000.00 | $ 110,000.00 | $ 389,000.00 |
Less Disbursements: | |||||
Purchase of inventory | $ 47,000.00 | $ 57,000.00 | $ 51,000.00 | $ 31,000.00 | $ 186,000.00 |
Selling and administrative expenses | $ 15,000.00 | $ 32,000.00 | $ 30,000.00 | $ 21,000.00 | $ 98,000.00 |
Equipment Purchases | $ 10,000.00 | $ 9,000.00 | $ 22,000.00 | $ 10,000.00 | $ 51,000.00 |
Dividends | $ 2,000.00 | $ 2,000.00 | $ 2,000.00 | $ 2,000.00 | $ 8,000.00 |
Total Disbursements | $ 74,000.00 | $ 100,000.00 | $ 105,000.00 | $ 64,000.00 | $ 343,000.00 |
Excess (Deficiency) of cash available over disbursements | $ -5,000.00 | $ -2,000.00 | $ 7,000.00 | $ 46,000.00 | $ 46,000.00 |
Financing: | |||||
Borrowings | $ 10,000.00 | $ 7,000.00 | $ - | $ - | $ 17,000.00 |
Repayments(Including Interest*) | $ -1,000.00 | $ -1,000.00 | $ -1,000.00 | $ -13,000.00 | $ -16,000.00 |
Total Financing | $ 9,000.00 | $ 6,000.00 | $ -1,000.00 | $ -13,000.00 | $ 1,000.00 |
Cash balance, Ending | $ 4,000.00 | $ 4,000.00 | $ 6,000.00 | $ 33,000.00 | $ 47,000.00 |
*Interest will total $1,000 for the year |
Alternate Answer:
Quarter | |||||
1 | 2 | 3 | 4 | Year | |
Cash balance, Beginning | $ 6,000.00 | $ 4,000.00 | $ 4,000.00 | $ 4,000.00 | $ 20,000.00 |
Add collections from customers | $ 63,000.00 | $ 94,000.00 | $ 108,000.00 | $ 104,000.00 | $ 369,000.00 |
Total Cash available | $ 69,000.00 | $ 98,000.00 | $ 112,000.00 | $ 108,000.00 | $ 387,000.00 |
Less Disbursements: | |||||
Purchase of inventory | $ 47,000.00 | $ 57,000.00 | $ 51,000.00 | $ 31,000.00 | $ 186,000.00 |
Selling and administrative expenses | $ 15,000.00 | $ 32,000.00 | $ 30,000.00 | $ 21,000.00 | $ 98,000.00 |
Equipment Purchases | $ 10,000.00 | $ 9,000.00 | $ 22,000.00 | $ 10,000.00 | $ 51,000.00 |
Dividends | $ 2,000.00 | $ 2,000.00 | $ 2,000.00 | $ 2,000.00 | $ 8,000.00 |
Total Disbursements | $ 74,000.00 | $ 100,000.00 | $ 105,000.00 | $ 64,000.00 | $ 343,000.00 |
Excess (Deficiency) of cash available over disbursements | $ -5,000.00 | $ -2,000.00 | $ 7,000.00 | $ 44,000.00 | $ 44,000.00 |
Financing: | |||||
Borrowings | $ 10,000.00 | $ 7,000.00 | $ - | $ - | $ 17,000.00 |
Repayments(Including Interest*) | $ -1,000.00 | $ -1,000.00 | $ -3,000.00 | $ -13,000.00 | $ -18,000.00 |
Total Financing | $ 9,000.00 | $ 6,000.00 | $ -1,000.00 | $ -13,000.00 | $ -1,000.00 |
Cash balance, Ending | $ 4,000.00 | $ 4,000.00 | $ 4,000.00 | $ 31,000.00 | $ 43,000.00 |
*Interest will total $1,000 for the year |
Thank You.
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