HOW TO SHOW MATH CALCULATIONS
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4.Complete the Cash Budget for the following Company with the following known data and past experience activity rates:
January February March
SALES : $220,000 $272,000 $304,000
CASH (Receipts) :
There is NO remaining balance or cash due from December 2007.
40% of sales are paid to the company within the month.
65% of the remainder of sales is paid the following month
The balance or 35% is paid after the second month
Disbursements (Payments):
COGS: 70% of the monthly sales
Interest on notes: Due a week before the end of the 1st Quarter = $2,245.00
Income Taxes: Due on February 15, 2008 = $2,500.00
Dividends for the year 2007:
Dividends are paid to the Shareholders on January 11, 2008 = $17,250.00
Payroll: January = $32,250 February = $33,800 March = $41,400
GOLD METAL PRODUCTION
Cash Budget
For the First Quarter of 2008
January February March
---------------------------------------------------------------------------------------------------------
Beginning Cash Balance ...... $152,500 $ $
CASH Receipts:
Current Cash Sales
From prior month
From previous months
_________ ___________ ___________
Total Cash Available: $ $ $
CASH Disbursements:
Cost of Goods sold $ $ $
Interest on notes
Income Taxes
Dividends Paid
Payroll
_________ ____________ ___________
Total Disbursements $ $ $
_________ ____________ ___________
Ending Cash balance $ $ $
======== ========== ==========
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HOW TO SHOW MATH CALCULATIONS
4.Complete the Cash Budget for the following Company with the following known data and past experience activity rates:
January February March ...
Purchase this Solution
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