AutoSave Off File Home Insert Draw Page Layout F22 fx A J 6 Capital Budget: New Saree W Master Budget Project Cash Budget Te... Search A Perez, Catherine G PC Formulas Data Review View Automate Help Analytic Solver Comments Sha B C D E F 7 Equipment costing $300,000 will be purchased at the end of Q2, paid in cash. The equipment will not be placed into service for purposes of depreciation until after the end of the year due to installation 8 Other cash items: 9 Tax Rate: 30% 10 11 The beginning cash balance is $5,000 and the company intends to maintain this level of cash ($5,000-$6,000) at the end of each quarter. If the cash balance exceeds $6,000, the surplus in moved to Savings in $1,000 increments at the end of the quarter. All components of cash COGS (DM, DL, VMOH) and cash SG&A are paid 2/3 in the quarter incurred/purchased and 1/3 in the following quarter. Depreciation must be subtracted from the COGS to derive cash COGS. Fixed Overhead and Fixed SG&A are paid 100% in the quarter incurred. 12 13 14 All Fixed Assets are depreciated over 10 years (40 quarters). However, the new equipment purchased in Q2 2021 was not placed in service by 12/31/2021. Therefore, no depreciation was recorded on the equipment for 2021. Sales are collected 50% in the quarter of sale and the balance in the following quarter based on the budgeted income statement from week 5. Taxes are paid in the quarter following the quarter incurred based on the budgeted income statement from week 5. 15 16 17 Use the template below to prepare the Cash Budget. 18 19 Cash Budget 2021 20 Beg Cash 21 Collections 22 Total Cash Collections 23 Disbursements: 24 DM 25 DL 26 VOH Sheet1 Ready Accessibility: Investigate Type here to search Q1 $5,909 $420,000 $425,909 Q2 Q3 Q4 $450,000 ($27,658) ($71,400) ($2.280) ($2.480) ($29,704) ($39,753) ($42,999) ($105,400) ($146,200) ($175,100) ($3.440) + ($4.120) W 99+ +939 10:02 PM 38F 2/18/2024 2 Home End 22 x fx X A B C D Taxes are paid in the quarter following the quarter incurred based on the buedgeted income statement from week 5. E Use the template below to prepare the Cash Budget. Cash Budget 2021 Q1 Q2 Q3 Q4 Beg Cash Collections Total Cash Collections Disbursements: DM $5,909 $420,000 $450,000 $425,909 ($27,658) ($29,704) ($39,753) ($42,999) DL VOH FOH ($71,400) ($105,400) ($146,200) ($175,100) ($2,280) ($2,480) ($3,440) ($4,120) ($210,000) VSGA ($18,200) ($19,933) ($27,733) ($38,133) FSGA ($85,000) Capital Purchases nterest Expense Miscellaneous Cash Expense $0 $0 ($25,502) Tax Expense ($6,387) ($720) $0 ($6,387) ($10,020) ($10,020) $0 $0 otal Disbursements ($446,427) xcess (deficiency) of available Cash ($20,518) ($304,142) rfd (To)/From Savings pans borrowed (repaid) $2,000 $24,000 0 0 0 $310,000 ($67,000) ($248,000) ding Cash $5,482 $5,858 $5,771 $5,170 Sheet1 + + Loans borrowed (repaid) Ending Cash 11 12 13 14 15 0 0 $24,000 $310,000 ($67,000) ($243,000) $5,482 $5.858 $5.771 $5,170 Husky Co. Budgeted Income Statement by Quarter For the Year Ended Dec 31, 2021 16 QI Q2 Q3 04 Arus 17 Sales $420,000 $480,000 $720,000 $960,000 $2,580,000 18 Cost of Goods Sold 290,509 -332,010 -498,015 664,020 1,784,554 19 Gross Profit $129,491 $147,990 $221,985 $295,980 $795.446 20 SG&A Expenses ($108,200) $110,800 $121,200 $131,600 $471,800 21 Operating Profit $21.291 $37.190 $100,785 $164,380 $323,645 22 Interest Expense SO ($720) ($10,020) ($18,030) ($28.770) 23 Taxable Income $21,291 $36,470 $90,765 $146,350 $294.876 24 Income Tax ($6,387) ($10.941) ($27.230) ($43,905) ($88,463) 25 Net Income $14,904 $25,529 $63,536 $102.445 $206.413 26 27 28 Show Image Transcript v