Homework Answers
10 Calculation of Cumulative loan
Cash Budget
| Particulars | August($) | September($) | October($) | |
| Net Receipt | (12,750) | (1,725) | (3,620) | |
| Beginning cash | 11,200 | 4,500 | 4,500 | |
| Available cash/(shortage) | (1,550) | 2,775 | 880 | |
| Minimum balance | 4,500 | 4,500 | 4,500 | |
| Add:Loan |
6,050 [$1,550+4,500] |
1,725 [$4,500-$2,775] |
3,620 [$4,500-$880] |
|
| End cash | 4,500 | 4,500 | 4,500 | |
| Cumulative loan | 6,050 | 6050+1725= 7,775 | 6050+1,725+3,620 = 11,395 | |
| MCGEE CAKE COMPANY |
Took $6,050 in the month of August to cover the $1,550 shortage and $4,500 minimum balance. In the month of September co.took loan of $1,725 to cover minimum balance of (4,500-2,775)=$1,725 In the month of October company took loan of $3,620 to cover minimum balance of ($4,500-$880)=$3,620. |
|||
Cumulative loan at the end of September is $7,775
Loan of August + Loan of September = $6,050+$1,725 =$$7,775.
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MCGEE CAKE COMPANY Cash Budget August September October Net Receipts (12,750) (1,725) (3,620) Beginning Cash 11,200...
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