4 pts wenkpl L Coolidge Company is preparing a cash budget for the first three months of 2021. The following budgeted information is available: 11 E Workpa. 5468870 E31D- 2020 2021 Budgeted Item: November December January February March Activity Casting Sales $1,075,000 $1,180,000 $1,290,000 $1,250,000 $1,160,000 $169,000 $189,600 $202,400 $198,300 $184,200 Jet Actual Co fw Homework Direct Material Purchases Direct Labor Costs Overhead Costs Benar Certificatic $345,000 $377,000 $394,000 $377,000 $358,000 10 $312,400 $328,400 $336,800 $332,500 $328,200 Cash Bud Homework A* MacBook Air sdf 2020 2021 Budgeted Item: November December January February March Sales $1,075,000 $1,180,000 $1,290,000 $1,250,000 $1,160,000 5 xlsx $169,000 $189,600 $202,400 $198,300 $184,200 $345,000 $377,000 $394,000 $377,000 $358,000 Direct Materiat Purchases Direct Labor Costs Overhead Costs Selling and Admin Costs Jet WH $312,400 $328,400 $336,800 $332,500 $328,200 $299,000 $301,500 $304,000 $303,000 $301,000 IG All sales are on account. All direct material ANA lo ER All sales are on account. All direct material purchases are on account. All costs besides direct material purchases are paid as incurred. The overhead costs include $4,000 of monthly depreciation and the selling and administrative costs include $2,000 of monthly depreciation. In February, Coolidge must make an $8,500 installment payment on a notes payable, and in March. Coolidge must make a $15,200 property tax payment. The projected beginning balance of cash on January 1 is $7,500. Coolidge would like to maintain a minimum $7,500 cash balance, Required: Part A In the attached warknaner #2 G MacBook Air BO 3 999 00 F2 A # 3 $ 4 % 5 & 6 In the attached workpaper #2: 1. Using the collection pattern indicated on the workpaper, prepare a schedule of cash collection from sales for January, February, and March. (9 pts) 2. Using the payment pattern indicated on the workpaper, prepare a schedule of cash payments for direct materials for January, February, and March. (6 pts) 3. Prepare a cash budget for January, February, and March (23 pts) Part B 1. What is the expected Accounts Receivable balance at the end of March? (3 pts) 2. What is the expected Accounts Payable balance at the end of March? (1 pt) 12 13 le IR MacBook Air 20 00 DF 710 $ A * # 3 % 5 4 6 7 8 $ %) 8 -8 Conditional Format Cell Formatting as Table Styles D E F G H 1 A B20 $x 20%-1 Month After Purchase C 1 Exam 4 Workpaper #2 Version B 2 1. Prepare a schedule of cash collections from sales. 3 SCHEDULE OF CASH COLLECTIONS FROM SALES November December CREDIT Sales 4 January February March February March Cash Collections of CREDIT sales: 8 35%--Month of Sale 9 60%--1 Month after Sale 10 5%--2 Months after Sale 11 Total Collections of Credit Sales 12 13 Prepare a schedule of cash payments for materials. 14 SCHEDULE OF CASH PAYMENTS FOR DIRECT MATERIAL PURCHASES 15 November December January 16 DM Purchase Costs 17 18 Cash Payments: 19 80%-Month of Purchase 20 20%-1 Month After Purchase 21 Total Payments for Purchases 22 23. Prepare a cash budget. 24 CASH BUDGET 25 January February March Cash Budgets-Version A + $ % & B20 fx 20%-1 Month After Purchase Conditional Format c Formatting as Table Sty A B "d, c. ple, 20 D E F G H eria 21 20%-1 Month After Purchase Total Payments for Purchases Prepare a cash budget. CASH BUDGET January Cash Receipts: February March 22 23 24 25 26 27 28 29 30 31 32 Cash Payments: 33 34 35 36 37 38 39 40 41 42 43 44 Cash Budgets. Version A + Ready