Homework Answers
| Lipman Auto Parts | ||
| Cash Budget | ||
| Jan | Feb | |
| Beginning Cash Balance | 10,100 | 11,000 |
| Add: Total Budgeted Cash Receipts | 11,600 | 15,200 |
| Add: Cash from business note | 6,500 | - |
| Cash Available | 28,200 | 26,200 |
| Payments: | ||
| Projected cash payments | 14,400 | 13,500 |
| Selling & admin Exp. | 2,800 | 2,800 |
| Total Cash Payment | 17,200 | 16,300 |
| Ending Cash Balance before financing | 11,000 | 9,900 |
| Desired Minimum Cash Balance | 10,000 | |
| Expected Borrowings (Repayment) | - | 1,000 |
| Interest Exp. | - | |
| Ending Cash Balance | 11,000 | 10,900 |
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Lipman Auto Parts, a family-owned auto parts store, began January with $10,100 cash. Management forecasts that...
Lipman Auto Parts, a family-owned auto parts store, began January with $10,700 cash. Management forecasts that...
Lipman Auto Parts, a family-owned auto parts store, began January with $10,700 cash. Management forecasts that collections from credit customers will be $11,300 in January and $14,800 in February. The store is scheduled to receive $4,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($12,600 in January and $13,300 in February) and selling and administrative expenses ($3,000 each month). (Click the icon to view additional information about Lipman Auto Parts.) Read the requirements Requirement...
Northern Auto Parts, a family-owned auto parts store, began January with $10,300 cash
Northern Auto Parts, a family-owned auto parts store, began January with $10,300 cash. Management forecasts that collections from credit customers will be $11,900 in January and $15,300 in February. The store is scheduled to receive $4,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($11,200 in January and $13,600 in February) and selling and administrative expenses ($3,500 each month). Northern Auto Parts's bank requires a $10,000 minimum balance in the store's checking account. At the...
E22A-35 (similar to) Northem Auto Parts, a famly-owned auto parts store, began January wih $10 100...
E22A-35 (similar to) Northem Auto Parts, a famly-owned auto parts store, began January wih $10 100 cash. Management forecasts thatl collections om oredi custiomers will be $11,800 in January and $14.900 in February. The stone is scheduled to receive $4 50 cash on abusiness noie fecer atienJanuary Prgeeted caih pay meres ndude inventory purchases ($12.200 i, January and $12300 in Febrary) and Ming and Sdnatab gexpenses 200 oach moti Northern Auto Parts bank as-ttle as poss ble and pays back...
Zap Power, a family-owned battery store, began October with $11,200 cash.
Zap Power, a family-owned battery store, began October with $11,200 cash.Management forecasts that collections from credit customers will be $11,400 in October and $14.600 in November. The store is scheduled to receive $7,000 cash on a business note receivable in October. Projected cash payments include inventory purchases ($13,900 in October and $14,500 in November) and operating expenses ($3,200 each month). Zap Power's bank requires a $10,000 minimum balance in the store's chequing account. At the end of any month when the...
Danner Company expects to have a cash balance of $54,000 on January 1, 2020. Relevant monthly...
Danner Company expects to have a cash balance of $54,000 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $102,000, February $180,000. Payments for direct materials: January $60,000, February $90,000. Direct labor: January $36,000, February $54,000. Wages are paid in the month they are incurred. Manufacturing overhead: January $25,200, February $30,000. These costs include depreciation of $1,800 per month. All other overhead costs are paid as incurred....
Company has $ 13500 in cash on hand on January 1 and has collected the following...
Company has $ 13500 in cash on hand on January 1 and has
collected the following budget data: Assume Hess has cash payments
for selling and administrative expenses including salaries of $
55000 plus commissions of 2% of sales, all paid in the month of
sale. The company requires a minimum cash balance of $ 11000.
Prepare a cash budget for January and February. Will Hess need to
borrow cash by the end of February? Begin by preparing the cash...
A) Prepare Drew Consulting's cash budget for January AND February B) How much cash will Drew...
A) Prepare Drew Consulting's cash budget for January
AND February
B) How much cash will Drew borrow in February if cash receipts
from customers that month total $39,000 instead of $49,000
Assume Drew Consulting began January with $15,000 cash. Management forecasts that cash receipts from credit customers will be $48,000 in January and $49,000 in February. Projected cash payments include equipment purchases ($18,000 in January and $41,000 in February) and selling and administrative expenses ($3,000 each month). Drew's bank requires...
CARLA VISTA COMPANY Cash Budget January February Beginning cash balance 60650 Add : Cash receipts Collections...
CARLA VISTA COMPANY Cash Budget January February Beginning cash balance 60650 Add : Cash receipts Collections from customers 85650 160650 Sale of short-term investments 12610 Click if you would like to Show Work for this question: Open Show Work Exercise 7-14 Carla Vista Company expects to have a cash balance of $60,650 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017. 1. Collections from customers: January $85,650, February $160,650. 2. Payments...
Sandhill Company expects to have a cash balance of $119,600 on January 1, 2022. These are...
Sandhill Company expects to have a cash balance of $119,600 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $184,600. February $379,600. 2. Payments to suppliers: January $104,000. February $195,000. 3. Wages: January $78,000. February $104,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $54,600. February $62,400. These costs include depreciation of $2,600 per month. All other costs are paid as...
Sunland Company expects to have a cash balance of $59,800 on January 1, 2022. These are...
Sunland Company expects to have a cash balance of $59,800 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $92,300, February $189,800. 2. Payments to suppliers: January $52,000, February $97,500. 3. Wages: January $39,000, February $52,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $27,300, February $31,200. These costs include depreciation of $1,300 per month. All other costs are paid as...
Lipman Auto Parts, a family-owned auto parts store, began January with $10,700 cash. Management forecasts that collections from credit customers will be $11,300 in January and $14,800 in February. The store is scheduled to receive $4,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($12,600 in January and $13,300 in February) and selling and administrative expenses ($3,000 each month). (Click the icon to view additional information about Lipman Auto Parts.) Read the requirements Requirement...
E22A-35 (similar to) Northem Auto Parts, a famly-owned auto parts store, began January wih $10 100 cash. Management forecasts thatl collections om oredi custiomers will be $11,800 in January and $14.900 in February. The stone is scheduled to receive $4 50 cash on abusiness noie fecer atienJanuary Prgeeted caih pay meres ndude inventory purchases ($12.200 i, January and $12300 in Febrary) and Ming and Sdnatab gexpenses 200 oach moti Northern Auto Parts bank as-ttle as poss ble and pays back...
Danner Company expects to have a cash balance of $54,000 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $102,000, February $180,000. Payments for direct materials: January $60,000, February $90,000. Direct labor: January $36,000, February $54,000. Wages are paid in the month they are incurred. Manufacturing overhead: January $25,200, February $30,000. These costs include depreciation of $1,800 per month. All other overhead costs are paid as incurred....
Company has $ 13500 in cash on hand on January 1 and has
collected the following budget data: Assume Hess has cash payments
for selling and administrative expenses including salaries of $
55000 plus commissions of 2% of sales, all paid in the month of
sale. The company requires a minimum cash balance of $ 11000.
Prepare a cash budget for January and February. Will Hess need to
borrow cash by the end of February? Begin by preparing the cash...
A) Prepare Drew Consulting's cash budget for January
AND February
B) How much cash will Drew borrow in February if cash receipts
from customers that month total $39,000 instead of $49,000
Assume Drew Consulting began January with $15,000 cash. Management forecasts that cash receipts from credit customers will be $48,000 in January and $49,000 in February. Projected cash payments include equipment purchases ($18,000 in January and $41,000 in February) and selling and administrative expenses ($3,000 each month). Drew's bank requires...
CARLA VISTA COMPANY Cash Budget January February Beginning cash balance 60650 Add : Cash receipts Collections from customers 85650 160650 Sale of short-term investments 12610 Click if you would like to Show Work for this question: Open Show Work Exercise 7-14 Carla Vista Company expects to have a cash balance of $60,650 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017. 1. Collections from customers: January $85,650, February $160,650. 2. Payments...
Sandhill Company expects to have a cash balance of $119,600 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $184,600. February $379,600. 2. Payments to suppliers: January $104,000. February $195,000. 3. Wages: January $78,000. February $104,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $54,600. February $62,400. These costs include depreciation of $2,600 per month. All other costs are paid as...
Sunland Company expects to have a cash balance of $59,800 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $92,300, February $189,800. 2. Payments to suppliers: January $52,000, February $97,500. 3. Wages: January $39,000, February $52,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $27,300, February $31,200. These costs include depreciation of $1,300 per month. All other costs are paid as...
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