Solution 1:
Computation of Collection from Customer | |||
Particulars | September | October | November |
Collection for July Sales | $29,100.00 | ||
Collection for August Sales | $74,200.00 | $31,800.00 | |
Collection for September Sales | $76,230.00 | $32,670.00 | |
Collection for October Sales | $97,650.00 | ||
Total cash collections | $103,300.00 | $108,030.00 | $130,320.00 |
Computation of Cash payment of manufacturing costs | |||
Particulars | September | October | November |
Payment for August Manufacturing cost | $6,000.00 | ||
Payment for September Manufacturing cost | $36,000.00 | $9,000.00 | |
Payment for October Manufacturing cost | $48,800.00 | $12,200.00 | |
Payment for November Manufacturing cost | $52,800.00 | ||
Total cash disbursements | $42,000.00 | $57,800.00 | $65,000.00 |
Bridgeport Housewares Inc. | |||
Cash Budget | |||
For the Three Months Ending November 30 | |||
Particulars | September | October | November |
Estimated cash receipts from: | |||
Cash sales | $12,100.00 | $15,500.00 | $20,100.00 |
Collection of accounts receivable | $103,300.00 | $108,030.00 | $130,320.00 |
Total cash receipts | $115,400.00 | $123,530.00 | $150,420.00 |
Less estimated cash payments for: | |||
Manufacturing costs | $42,000.00 | $57,800.00 | $65,000.00 |
Selling and administrative expenses | $42,000.00 | $57,000.00 | $76,000.00 |
Capital expenditures | $48,000.00 | ||
Other purposes: | |||
Income tax | $19,000.00 | ||
Dividends | $6,000.00 | ||
Total cash payments | $84,000.00 | $133,800.00 | $195,000.00 |
Cash increase or (decrease) | $31,400.00 | -$10,270.00 | -$44,580.00 |
Plus cash balance at beginning of month | $46,000.00 | $77,400.00 | $67,130.00 |
Cash balance at end of month | $77,400.00 | $67,130.00 | $22,550.00 |
Less minimum cash balance | $45,000.00 | $45,000.00 | $45,000.00 |
Excess or (deficiency) | $32,400.00 | $22,130.00 | -$22,450.00 |
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $96,000 $114,000 $153,000 Manufacturing costs 40,000 49,000 55,000 Selling and administrative expenses 34,000 34,000 58,000 Capital expenditures _ _ 37,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $136,000 $166,000 $227,000 Manufacturing costs 57,000 71,000 82,000 Selling and administrative expenses 48,000 50,000 86,000 Capital expenditures _ _ 54,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $137,000 $173,000 $223,000 Manufacturing costs 58,000 74,000 80,000 Selling and administrative expenses 48,000 52,000 85,000 Capital expenditures _ _ 54,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $114,000 $140,000 $189,000 Manufacturing costs 48,000 60,000 68,000 Selling and administrative expenses 40,000 42,000 72,000 Capital expenditures _ _ 45,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and...
Cash Budget The controller of Bridgeport Housewares Inc. Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $142,000 $178,000 $231,000 Manufacturing costs 60,000 77,000 83,000 Selling and administrative 50,000 $3,000 88,000 expenses Capital expenditures 55,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $141,000 $176,000 $ $241,000 Manufacturing costs 59,000 76,000 87,000 49,000 53,000 92,000 Capital expenditures ------------------------------------------------------------ ------------------------------------------------------------------------- 58,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $137,000 58,000 $173,000 74,000 $226,000 81,000 Manufacturing costs Selling and administrative expenses 48,000 52,000 86,000 Capital expenditures 54,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $130,000 $161,000 $211,000 Manufacturing costs 55,000 69,000 76,000 Selling and administrative expenses 46,000 48,000 80,000 Capital expenditures _ _ 51,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November $250,000 $300,000 $315,000 Sales 150,000 185,000 180,000 Manufacturing costs Selling and administrative 51,000 42,000 48,000 expenses 200,000 Capital expenditures The company expects to sell about 10 % of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale...
The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $142,000 $169,000 $224,000 Manufacturing costs 60,000 73,000 81,000 Selling and administrative expenses 50,000 51,000 85,000 Capital expenditures _ _ 54,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and...