Homework Answers
| South Dakota Corporation | ||||
| Cash Budget | ||||
| Oct | Nov | Dec | Total | |
| Beginning Cash Balance | 12000 | 44450 | 76900 | 12000 |
| Add: Total Budgeted Cash Receipts | 781200 | 876200 | 813125 | 2470525 |
| Less: Payments for Purchases | -555000 | -607500 | -582500 | -1745000 |
| Less: Variable Operating Expenses 15% of sales(1month later) | -123750 | -131250 | -135000 | -390000 |
| Less: Fixed Expenses | -70000 | -70000 | -70000 | -210000 |
| Less: Equipment Purchased | -35000 | -35000 | ||
| Less: Dividends | -25000 | -25000 | ||
| Closing Cash Balance | 44450 | 76900 | 77525 | 77525 |
Working Notes:
| South Dakota Corporation | ||||||
| Statement of collection from Debtors | ||||||
| Aug | Sep | Oct | Nov | Dec | Total | |
| Sales | 75000 | 825000 | 875000 | 900000 | 800000 | 3475000 |
| Type of Sale: | ||||||
| Cash 30% | 22500 | 247500 | 262500 | 270000 | 240000 | 1042500 |
| Credit 70% | 52500 | 577500 | 612500 | 630000 | 560000 | 2432500 |
| Collection of Receivables: | ||||||
| Same month 60% | 31500 | 346500 | 367500 | 378000 | 336000 | 1459500 |
| 1 Month Later 25% | 13125 | 144375 | 153125 | 157500 | 468125 | |
| 2 Month Later 13% | 6825 | 75075 | 79625 | 161525 | ||
| Total Cash Receipts | 54000 | 607125 | 781200 | 876200 | 813125 | 3131650 |
| South Dakota Corporation | ||||||
| Statement of Payment of Purchases | ||||||
| Aug | Sep | Oct | Nov | Dec | Total | |
| Purchases | 500000 | 600000 | 550000 | 625000 | 575000 | 2850000 |
| Payment for purchases: | ||||||
| Same month 70% | 350000 | 420000 | 385000 | 437500 | 402500 | 1995000 |
| 1 Month Later 20% | 100000 | 120000 | 110000 | 125000 | 455000 | |
| 2 Month Later 10% | 50000 | 60000 | 55000 | 165000 | ||
| Total Payment for purchases | 350000 | 520000 | 555000 | 607500 | 582500 | 2615000 |
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