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Che Harrys Carryout Stores has eight locations. The firm wishes to expand by two more stores and needs a bank loan to do thi
Check my work 4 Depreciation expense is $10,200 per month Taxes of $8,200 will be paid in January, and dividends of $3,000 wi
4 b. Prepare a schedule of monthly cash payments for January, February, and March 20 points Harrys Carryout Stores Cash Paym
points c. Prepare a monthly cash budget with borrowings and repayments for January, February, and March (Negative amounts sho
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Answer #1
Harry's Carryout Stores
Cash Receipts Schedule
Nov Dec Jan Feb Mar
Sales 240000 260000 320000 360000 370000
Credit Sales 40% 96000 104000 128000 144000 148000
Cash Sales 144000 156000 192000 216000 222000
1 Month after sales 28800 31200 38400 43200
2 Month after sales 67200 72800 89600
Total Cash Receipts 144000 184800 290400 327200 354800
Harry's Carryout Stores
Cash Payments Schedule
Jan Feb Mar
Payment for purchase 96000 108000 111000
Labor Expenses 128000 144000 148000
Selling & Admin 48000 54000 55500
OH 22000 22000 22000
Taxes 8200
Dividends 3000
Total Cash Payments 302200 328000 339500
Harry's Carryout Stores
Cash Budget
Jan Feb Mar
Total Cash Receipts 290400 327200 354800
Total Cash Payments 302200 328000 339500
Net Cash Flow -11800 -800 15300
Beginning Cash Balance 84000 79000 79000
Cumulative Cash Balance 72200 78200 94300
Monthly Loan (Repayment) 6800 800 -7600
Ending Cash Balance 79000 79000 79000
Cumulative Loan Balance 6800 7600 0
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