5. Complete the first three lines of the summary cash budget. Then do the analysis of short-term financing needs in requirement (6). Then finish requirement (5).

Summary cash budget:

6. Analysis of short-term financing needs:

7. Prepare Intercoastal Electronics’ budgeted income statement for the first quarter of 20x1. (Ignore income taxes.)
8. Prepare Intercoastal Electronics’ budgeted statement of retained earnings for the first quarter of 20x1.
9. Prepare Intercoastal Electronics’ budgeted balance sheet as of March 31, 20x1. (Hint: On March 31, 20x1, Bond Interest Payable is $5,000 and Property Taxes Payable is $900.)

Transcribed Image Text:

Cash receipts (from schedule 2) Less: Cash disbursements (from schedule 4). Change in cash balance during period due to operations. Sale of marketable securities (1/2/x1). _ Proceeds from bank loan (1/2/x1) Purchase of equipment. Repayment of bank loan (3/31/x1) Interest on bank loan Payment of dividends Change in cash balance during first quarter Cash balance, 1/1/x1 Cash balance, 3/31/x1 20x1 January February March 1st Quarter