0-43 Cashbudgeting, budgeted balance sheet. (Continuation of 6-2) (Appendix) Refer to the information in Problem 6-42. Budgeted balances at January 31, 2018 are as follows: Cash 7 7 Accounts receivable 7 Inventory Property, plant and equipment (net) $1,175,600 2 Accounts payable 182,000 Long-term liabilities Stockholders' equity Selected budget information for December 2017 follows: Cash balance, December 31, 2017 $ 124,000 Budgeted sales 1,650,000 Budgeted materials purchases 820,000 of invoices will be collected in the month invoiced, and 60% will be collected in the following month. Customer invoices are payable within 30 days. From past experience, Skulas's accountant projects credit with 50% of direct materials purchases paid during the month of the purchase, and 50% paid in Accounts payable relates only to the purchase of direct materials. Direct materials are purchase month following purchase. overhead costs include $10,000 of depreciation costs. Direct manufacturing labor and the remaining Fixed manufacturing overhead costs include $64,000 of depreciation costs and fixed nonmanufact facturing and nonmanufacturing overhead costs are paid monthly. All property, plant, and equipment acquired during January 2018 were purchased on credit and do entail any outflow of cash. On December 15, 2017, Skulas's board of directors voted to pay a $160,000 dividend to stockholders on January 31, 2018 1. Prepare a cash budget for January 2018. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and nonmanufacturing overhead. 2. Skulas is interested in maintaining a minimum cash balance of $120,000 at the end of each month Skulas be in a position to pay the $160,000 dividend on January 31? 3. Why do Skulas's managers prepare a cash budget in addition to the revenue, expenses, and income budget? 4. Prepare a budgeted balance sheet for January 31, 2018 by calculating the January 31, 2018 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity. , operating 0-43 Cashbudgeting, budgeted balance sheet. (Continuation of 6-2) (Appendix) Refer to the information in Problem 6-42. Budgeted balances at January 31, 2018 are as follows: Cash 7 7 Accounts receivable 7 Inventory Property, plant and equipment (net) $1,175,600 2 Accounts payable 182,000 Long-term liabilities Stockholders' equity Selected budget information for December 2017 follows: Cash balance, December 31, 2017 $ 124,000 Budgeted sales 1,650,000 Budgeted materials purchases 820,000 of invoices will be collected in the month invoiced, and 60% will be collected in the following month. Customer invoices are payable within 30 days. From past experience, Skulas's accountant projects credit with 50% of direct materials purchases paid during the month of the purchase, and 50% paid in Accounts payable relates only to the purchase of direct materials. Direct materials are purchase month following purchase. overhead costs include $10,000 of depreciation costs. Direct manufacturing labor and the remaining Fixed manufacturing overhead costs include $64,000 of depreciation costs and fixed nonmanufact facturing and nonmanufacturing overhead costs are paid monthly. All property, plant, and equipment acquired during January 2018 were purchased on credit and do entail any outflow of cash. On December 15, 2017, Skulas's board of directors voted to pay a $160,000 dividend to stockholders on January 31, 2018 1. Prepare a cash budget for January 2018. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and nonmanufacturing overhead. 2. Skulas is interested in maintaining a minimum cash balance of $120,000 at the end of each month Skulas be in a position to pay the $160,000 dividend on January 31? 3. Why do Skulas's managers prepare a cash budget in addition to the revenue, expenses, and income budget? 4. Prepare a budgeted balance sheet for January 31, 2018 by calculating the January 31, 2018 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity. , operating