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Budget For Tal

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Subject
Accounting
School
Averett University
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Homework
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Running head: BSA346-B738-FA18-Accounting for Managers 1
Problems from Textbook
Tanesha A. Lockett
BSA346-B738-FA18-Accounting for Managers
Professor, Paula Beiser
Date

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BSA346-B738-FA18-Accounting for Managers 2
Problem 8-21
1. Schedule for the expected cash to be collected:
Month
April
June
Quarter
From accounts receivable ............
$120,000
$136,000
From April sales:
30% × $300,000 .......................
90,000
90,000
60% × $300,000 .......................
180,000
8% × $300,000 .........................
$ 24,000
24,000
From May sales:
30% × $400,000 .......................
120,000
60% × $400,000 .......................
240,000
240,000
From June sales:
30% × $250,000 .......................
75,000
75,000
Total cash collections ..................
$210,000
$339,000
$865,000
2. Cash budget:
Month
April
June
Quarter
Beginning cash balance ............
$ 24,000
$ 26,000
$ 24,000
Add receipts:
Collections from customers ..
210,000
339,000
865,000
Total cash available ..................
234,000
365,000
889,000
Less cash disbursements:
Merchandise purchases .........
140,000
160,000
510,000
Payroll ...................................
20,000
18,000
58,000
Lease payments .....................
22,000
22,000
66,000
Advertising ...........................
60,000
50,000
170,000
Equipment purchases ............
—
65,000
65,000
Total cash disbursements ..........
242,000
315,000
869,000
Excess (deficiency) of cash
available over
disbursements .......................
(8,000)
50,000
20,000
Financing:
Borrowings ...........................
30,000
—
30,000
Repayments ...........................
—
(30,000)
(30,000)
Interest ..................................
—
(1,200)
(1,200)
Total financing ..........................
30,000
(31,200)
(1,200)
Ending cash balance .................
$ 22,000
$ 18,800
$ 18,800
3. The loan will not be repaid in full by June 30 If a minimum cash balance of $20,000 to start
each month is needed by the company. Some portion of the loan balance will have to be carried
over to July.

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Running head: BSA346-B738-FA18-Accounting for Managers Problems from Textbook Tanesha A. Lockett BSA346-B738-FA18-Accounting for Managers Professor, Paula Beiser Date 1 BSA346-B738-FA18-Accounting for Managers 2 Problem 8-21 1. Schedule for the expected cash to be collected: From accounts receivable ............ From April sales: 30% × $300,000 ....................... 60% × $300,000 ....................... 8% × $300,000 ......................... From May sales: 30% × $400,000 ....................... 60% × $400,000 ....................... From June sales: 30% × $250,000 ....................... Total cash collections .................. April $120,000 Month May $ 16,000 June 90,000 $ 24,000 90,000 180,000 24,000 240,000 120,000 240,000 75,000 $339,000 75,000 $865,000 180,000 120,000 $210,000 $316,000 Quarter $136,000 2. Cash budget: Beginning cash balance ............ Add receipts: Collections from customers .. Total cash available .................. Less cash disbursements: Merchandise purchases ......... Payroll ................................... Lease payments ..................... Advertising ........................... Equipment purchases ............ Total cash disbursements .......... Excess (deficiency) of cash available over disbursements ....................... Financing: Borrowings ........................... Repayments........................... Interest .................................. Total financing .......................... Ending ...
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