Cash budget The monthly cash budgets for the second quarter of 2010 follow ($000 omitted) for Morrison Mfg. Co. A minimum cash balance of $30,000 is required to start each month, and a $100,000 line of credit has been arranged with a local bank at a 8% interest rate.
| April | May | June | Total |
Cash balance, beginning | $ 26 | $ ? | $ ? | $ 26 |
Add collections from customers | ? | 108 | ? | ? |
Total cash available | $ 94 | $ ? | $166 | $338 |
Less disbursements: | ||||
Purchase of inventory | $ ? | $ 60 | $ 48 | $ ? |
Operating expenses | 30 | ? | ? | ? |
Capital additions | 34 | 8 | ? | 44 |
Payment of dividends | − | − | ? | 8 |
Total disbursements | $ ? | $108 | $ 82 | $304 |
Excess (deficiency) of cash available | ||||
over disbursements | $(20) | $ ? | $ 84 | $ ? |
Borrowings | ? | − | − | ? |
Repayments (including interest) | − | − | ? | ? |
Cash balance, ending | $ ? | $30 | $ ? | $ 33 |
Required:
Calculate the missing amounts. (Hint: The total cash available includes collections from customers for all three months, plus the beginning cash balance from April 1, 2010.)
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