Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: Sales September October November $91,000 $116,000 $147,000 Manufacturing costs 38,000 50,000 53,000 Selling and administrative 32,000 35,000 56,000 expenses Capital expenditures 35,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $35,000, marketable securities of $49,000, and accounts receivable of $101,900 ($80,000 from July sales and $21,900 from August sales). Sales on account for July and August were $73,000 and $80,000, respectively. Current liabilities as of September 1 include $6,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $14,000 will be made in October. Bridgeport's regular quarterly dividend of $6,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $34,000. Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values cash balance of 534,000 Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations. Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from: Total cash receipts Less estimated cash payments for: DODD DIODOT Other purposes: Total cash payments Wow Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October Estimated cash receipts from: November Total cash receipts Less estimated cash payments for: Other purposes: 0000 DIT I Omni DIOD) DOO DID Total cash payments Cash balance at end of month Excess or (deficiency) cash balance or $34,000. Required: 1. Prepare a monthly cash budget and supporting schedules except overall cash decrease and deficiency which should be in Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October Nove Estimated cash receipts from: w Capital expenditures Cash increase or (decrease) Cash sales Dividends 000 000 Income tax Less cash balance at beginning of month Less minimum cash balance Manufacturing costs Plus cash balance at beginning of month Plus minimum cash balance Check My Work All workeavad Required: 1. Prepare a monthly cash budget and supporting schedule except overall cash decrease and deficiency which should be Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October Nov Estimated cash receipts from: Capital expenditures Cash increase or (decrease) Collection of accounts receivable Dividends Income tax Less cash balance at beginning of month Less minimum cash balance Manufacturing costs Plus cash balance at beginning of month Check My Work All work saved. eBook Show Me How cash balance of $54,000. 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Required: Capital expenditures t and supportir deficiency whic Cash increase or (decrease) Collection of accounts receivable Dividends usewares Inc. Budget Ending Novem September Oct Income tax Less cash balance at beginning of month Less minimum cash balance Plus cash balance at beginning of month Plus minimum cash balance Selling and administrative expenses Other purposes: Total cash payments eBook Show Me How cash balance or $34,000. Calci Required: 1. Prepare a monthly cash budget and supporting sc except overall cash decrease and deficiency which sh Capital expenditures Cash increase or (decrease) ewares Inc. Iget ading November 3 ptember October Collection of accounts receivable Dividends Income tax Less cash balance at beginning of month Less minimum cash balance Plus cash balance at beginning of month Plus minimum cash balance Selling and administrative expenses Total cash payments AI eBook Show Me How Cash balance or $54,000. Calculator Required: 1. Prepare a monthly cash budget and supporting schedules fd except overall cash decrease and deficiency which should be in Bridgeport Housewares Inc. Cash Budget Capital expenditures ding November 30 ptember October Novem Cash increase or (decrease) Collection of accounts receivable Dividends Income tax Less cash balance at beginning of month Less minimum cash balance OOO OO in Plus cash balance at beginning of month WUJ DIT Plus minimum cash balance Selling and administrative expenses Total cash payments Ncquircu. 1. Prepare a monthly cash budget and supporting s except overall cash decrease and deficiency which sh Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November September October Estimated cash receipts from: Capital expenditures Cash increase or (decrease) Collection of accounts receivable Dividends Income tax Less cash balance at beginning of month Less minimum cash balance Plus cash balance at beginning of month Plus minimum cash balance Selling and administrative expenses Check My Work 1. Prepare a monthly cash budget and supportin except overall cash decrease and deficiency which Bridgeport Housewares Inc. Cash Budget For the Three Months Ending Novemb September Octob Estimated cash receipts from: Capital expenditures Cash increase or decrease) Collection of accounts receivable Dividends Income tax Less cash balance at beginning of month Less minimum cash balance Plus cash balance at beginning of month Plus minimum cash balance Selling and administrative expenses Check My Work All work saved