1 answer

Good evening, I am hoping that someone can review my answers below and let me know...

Question:

Good evening,

I am hoping that someone can review my answers below and let me know if my answers are correct? Thank you!homework 4.9.JPG


Answers

Cash Budget:
April May June
Beginning balance 570000 570000 2093334
Add: Cash collection from sales (Note:1) 10300000 11610000 13000000
Total cash available 1 10870000 12180000 15093334
Less: Payments
Cash payment for purchase (Note:2) 4486800 5033200 5617200
Wages and fringe benefits 3690000 3990000 4500000
(30% of current month sales) (12300000*0.30) (13300000*0.30) (15000000*0.30)
Salaries and fringe benefits
(3600000/12) 300000 300000 300000
Promotion (3900000/12) 325000 325000 325000
Property taxes (1480000/4) 370000
Insurance (1380000/12) 115000 115000 115000
Utilities (1600000/12) 133333 133333 133333
Income tax (3600000*40%) 1440000 0 0
Total payments 2 10490133 9896533 11360533
Preliminary cash balance (1-2) 379867 2283467 3732800
Borrowal/ (Repayment) (570000-379867) 190133 -190133 0
Ending cash balance 570000 2093334 3732800
Note: 1- Cash collection from sales
April May June
February sales 11000000
30% colllected two months after sales 3300000
March sales 10000000
70% collected the month after sale 7000000
30% colllected two months after sales 3000000
April sales 12300000
70% collected the month after sale 8610000
30% colllected two months after sales 3690000
May sales 13300000
70% collected the month after sale 9310000
Total 10300000 11610000 13000000 Note:2- Cash payment for purchase Feb Mar April Ma June Sales Cost of goods sold 11000000 10000000 12300000 13300000 15000000 140% of sales 4400000 4000000 492000053200006000000 Feb Mar April Ma June Feb cost of goods sold: 70% received one month prior to sale (in Jan Payment 70% one month after receipt (in Feb 30% two months after receipt (in Mar 30% received during the month of sale (in Feb) Payment 70% one month after receipt (in Mar 30% two months after receipt (in April) 3080000 2156000 924000 1320000 924000 396000 Mar cost of goods sold: 70% received one month prior to sale (in Feb Payment 70% one month after receipt (in Mar 30% two months after receipt (in April 30% received during the month of sale (in Mar) Payment 70% one month after receipt (in Apr 30% two months after receipt (in May) 2800000 1960000 840000 1200000 840000 360000Apr cost of goods sold: 70% received one month prior to sale (in Mar Payment 70% one month after receipt (in Apr 30% two months after receipt (in MA 30% received during the month of sale (in Apr Payment 70% one month after receipt (in Ma 30% two months after receipt (in June 3444000 2410800 1033200 1476000 1033200 442800 May cost of goods sold: 70% received one month prior to sale (in Apr Payment 70% one month after receipt (in Ma 30% two months after receipt (in June 30% received during the month of sale (in Ma Payment 70% one month after receipt (in June 30% two months after receipt (in Jul 3724000 2606800 1117200 1596000 111720070% received one month prior to sale (in May) Payment 4200000 0% one month after receipt (in June) 30% two months after receipt (in Jul 30% received during the month of sale (in June Payment 70% one month after receipt (in Jul 30% two months after receipt (in Aug) Total 2940000 44868005033200 5617200
.

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