budget 460776
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Budgeted cash sales |
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18,000 |
16,000 |
|
Budgeted credit sales |
20,000 |
21,000 |
22,000 |
|
Budgeted inventory purchases |
22,000 |
24,000 |
28,000 |
|
Budgeted selling and admin expenses |
3,000 |
2,000 |
2,500 |
|
Credit sales are expected to be collected 60% in month of sale; 40% in month following |
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Inventory purchases are expected to be paid 50% in month of purchase; 50% in month following |
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All selling and admin expenses are expected to be paid in full in month incurred. Depreciation expense is |
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included in budget at $500 per month |
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Company budgets the purchase of equipment in February for $45,000 |
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Company maintains a minimum cash balance of $10,000 |
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Interest rate for any borrowings is 6%. Borrowings (and repayments) are always made on the last day of the month |
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Prepare a cash budget for January, February and March. |
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