Question

do all requirements

E22-29 (similar to) Graham Company has prepared the following schedudes and additional information (Cick the ion to wiew the cash receipts schedule) B(Click the loom lo ie the cash parments schedue 1(Click the ioon to view the addisional information) Complete a cash budget for Graham Company. (Complete all answer boxes Referenoe parentheses) Cash Recelpts from Customers Graham Company Cash Budget January, February, and March January February MarchTotal 11500 10.100 s 12.800 34,400 Total sales January FebruaryMarchTotal January Cash Receipts from Customers Beginning cash balance Cash recepts Cash available Cash payments 9.200 1,150 January Credt sales, colection of January sales in January sales, collection of January sales in February 1,150 080 ,010 Purchases of diret materials Direat lebor Manufacturing overhead Seling and administrative expenses nterest expense February Credit saies, collection of February sales in February February-Credt sales, collection of February sales in March March Cash sales March-Credit sales, collection of March sales in March $ 1010 10,240 Total cash payments Ending cash balance before fi nancing Mnimum cash balance desired Projected cash excess (de ciency) S10.350 5 10.240 5 12,530 5 33,120 Total cash receipts from customers Accounts Receivaible balance, March 31: sales, Enter any number in the edit fields and then click Check Answer Print Done JanuaryFebruary March Total Cash Payments Direct Materials: unts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials $ 3,000 $ 4,200 4,200$ 7,200 3,000 Direct Labor: Total payments for direct labor 3,500 9,600 2,800 3,300 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 950 950 1.90 1,800 1,800 1,800 950 950 3,700 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries 460 460 920 1,320 1,320 6.500 6.500ll 6.500ll 19.500 Print Done Direct Labor: Total payments for direct labor 2,800 3,300 3,500 9,600 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 1,900 1,800 3,700 950 950 1,800 1,800 9509803700 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries Total payments for Selling and Admin. expenses 460 460 920 1,320 9,500 21,740 1,320 6,500 6,5006,500 6,960 6,960 7,820 $ 12,4201 $ 14,2101$ 15,6101$ 42,240 Total cash payments Acccount balances, March 31: Prepaid Property Taxes Accounts Payable Utilities Payable $ 2,340 4,000 $ 1,410 More Info Graham's beginning cash balance is $5,500 and Graham desires to maintain a minimum ending cash balance of $5,500. Graham borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 8% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Print Done 12 420l c S Total cash payments

Answer 1

Cash Budget	January	February	March	Total
Beginning Cash	5500	6430	6430	5500
Cash Receipts	10350	10240	12530	33120
Cash Available	15850	16670	18960	38620
Cash Payments:
Purchase of Direct Material	0	3000	4200	7200
Direct Labor	2800	3300	3500	9600
Manufacturing Overhead	1800	950	950	3700
Selling and Administrative Expense	7820	6960	6960	21740
Interest Expense	0	30 (3000*1%)	70 (7000*1%)	100
Total Cash payments	12420	14240	15680	42340
Ending cash balance before Financing	3430	2430	3280	-3720
Minimum cash balance	5500	5500	5500	5500
Projected cash excess /(Deficiency)	-2070	-3070	-2220	-9220
Financing:
Borrowings	3000	4000	3000	10000
Repayments
Total Financing	3000	4000	3000	10000
Cash Balance Ending	6430	6430	6280	6280