Question

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Following are the budgeted Income statements for the second quarter of 2019 for SeaTech Inc: Sales Cost of goods sold Gross profit Operating expenses Operating income April $266, eee 182,400 $ 83,600 41,800 May $323,600 216,600 $196,400 47,500 $ 58,900 June $361,000 239,400 $121, 6ee 51,300 $ 70,3ee $ 41,800 Includes all product costs (.e., direct materials, direct labor, and manufacturing overhead). + Includes all period costs (.e, seling, general, and administrative expenses). The company expects about 30% of sales to be cash transactions. Of sales on account, 60% are expected to be collected in the first month after the sale is made, and 40% are expected to be collected in the second month after sale. Depreciation, Insurance, and property taxes represent $22,800 of the estimated monthly cost of goods sold and $15,200 of the estimated monthly operating expenses. The annual Insurance premium is paid in January, and the annual property taxes are paid in August. Of the remainder of the cost of goods sold and operating expenses, 80% are expected to be paid in the month in which they are incurred, and the balance is expected to be paid in the following month. Current assets as of Apri 1, 2019, consist of cash of $26.600 and accounts receivable of $284.620 ($199.234 from March credit sales and $85,386 from February credit sales). Current liabilities as of April 1 consist of $34.200 of accounts payable for product costs Incurred in March: $8.740 of accrued liabilities for operating expenses incurred in March, and a $76.000, 14%. 120-day note payable that is due on April 17, 2019 An estimated income tax payment of $76,000 will be made in May. The regular quarterly dividend of $30,400 is expected to be declared in May and pald in June. Capital expenditures amounting to $32.680 will be made in April Required: 9. Complete the monthly cash budgets for the second quarter of 2019 using the following format. Note that the ending cash balance for June is provided as a check figure. (Use 360 days year for calculations.) Answer is not complete.

Answer 1

	Sea Tech Inc
	Cash Budget
	For the quarter ended June
Answer for Question A			April	May	June
		Beginning Cash Balance	26600	7200	1394
		Cash Receipts:
		From cash sales made in current month	79800	96900	108300
		From credit Sale made in:
		February	85386
		March	119540	79694
		April		111720	74480
		May			135660
		Total Cash Available (A)	311326	295514	319834
		Cash Disbursement:
		For cost of goods sold/Operating expense s incurred in:
		March	42940
		April	148960	37240
		May		180880	45220
		June			202160
		For payments of Notes Payable & Interest	79546
		For Capital expenditure	32680
		For Payment of Income Taxes		76000
		For payment of Dividend			30400
		Total Disbursement:(B)	304126	294120	277780
		Ending Cash balance	7200	1394	42054
Question B
	Sea Tech Inc
	Cash Budget
	For the quarter ended June
			April	May	June
		Beginning Cash Balance	26600	7200	1394
		Cash Receipts:
		From cash sales made in current month	79800	96900	108300
		From credit Sale made in:
		February	85386
		March	119540	79694
		April		111720	74480
		May			135660
		Total Cash Available (A)	311326	295514	319834
		Cash Disbursement:
		For cost of goods sold/Operating expense s incurred in:
		March	42940
		April	148960	37240
		May		180880	45220
		June			202160
		For payments of Notes Payable & Interest	79546
		For Capital expenditure	32680
		For Payment of Income Taxes		76000
		For payment of Dividend			30400
		Total Disbursement:(B)	304126	294120	277780
		Excess (Deficiency) of cash Available after Disbursement	7200	1394	42054
		Borrowing	12400	18206
		Repayment			22454
		Interest
		Ending Cash Balance	19600	19600	19600