Concord Corporation is projecting a cash balance of $30,360 in its December 31, 2016, balance sheet....
Concord Corporation is projecting a cash balance of $30,360 in its December 31, 2016, balance sheet. Concord’s schedule of expected collections from customers for the first quarter of 2017 shows total collections of $187,220. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $43,516. Other information gathered for the first quarter of 2017 is sale of equipment $3,036; direct labor $70,840, manufacturing overhead $35,420, selling and administrative expenses $45,540; and purchase of securities $14,168. Concord wants to maintain a balance of at least $25,300 cash at the end of each quarter. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter 0 for amounts.)
Homework Answers
Cash budget
| First quarter | |
| Beginning Cash balance | 30360 |
| Cash collection from customer | 187220 |
| Sale of equipment | 3036 |
| Total Cash receipts | 190256 |
| Total Cash available | 220616 |
| Cash disbursement | |
| Payment for direct materials | 43516 |
| Direct labor | 70840 |
| Manufacturing overhead | 35420 |
| Selling and administrative expense | 45540 |
| Purchase of securities | 14168 |
| Total Cash payment | 209484 |
| Preliminary Cash balance | 11132 |
| Borrowing | 14168 |
| Ending Cash balance | 25300 |
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Concord Corporation is projecting a cash balance of $30,360 in
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Exercise 21-15
Deitz Corporation is projecting a cash balance of $36,960 in its
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Prepare a cash budget for the first quarter.
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Exercise 21-15
Deitz Corporation is projecting a cash balance of $36,960 in its
December 31, 2016, balance sheet. Deitz’s schedule of expected
collections from customers for the first quarter of 2017 shows
total collections of $227,920. The schedule of expected payments
for direct materials for the first quarter of 2017 shows total
payments of $52,976. Other information gathered for the first
quarter of 2017 is sale of equipment $3,696; direct labor $86,240,
manufacturing overhead $43,120, selling and administrative expenses
$55,440;...
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