Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Ch 20 Exercises 07 Required information The following information applies to the questions displayed below) Built-Tight is preparing its master budget for the quarter ended
Ch 20 Exercises 07 Required information The following information applies to the questions displayed below) Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow Part 1 of 2 6.66 points Budgeted sales Hodetelah payment for Direct materials Direct labor Factory overhead July August September $54,000 $80,000 $40,000 16,160 13,440 13,760 3,440 20.200 16.000 17,200 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in Cash: $45,000 in accounts receivable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loons are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions 10% of sales office salaries (54,000 per month, and rent ($6,500 per month (1) Prepare a cash receipts budget for July August, and September BURT-TIGHT Cu cel Budget For July August and September July September OS 95 MacBook Air 888 ! 2 # 3 2 $ 4 % 5 6 & 7 B Q W E 70 T Y U A S D F G H J K I SC E C 20 Exercise 6 Part 2 of 2 Required information The following information applies to the questions displayed below) Bull-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow 67 points July August September $64,000 $80,000 $40,000 eBook Badgeted sales Budgeted cash payment to Direet materials Direct labor Factory overhead . 16,160 13,440 4,040 3,360 20,200 16,800 13,760 3,440 17,200 Prim Reference Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15.000 in cash: $45,000 in accounts receivable and a $5,000 balance in loans payable. A minimum cash balance of $15.000 is required. Loans are obtained at the end of any month when a cash shortage occurs Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each montrend. If an excess balance of cash exists, loans are repaid at the end of the month Operating expenses are paid in the month incurred and consist of sales commissions 10% of sales office salaries ($4.000 per month and rent ($6,500 per month 2) Prepare a cash budget for each of the month of July August, and September. (Negative balances and Loan repayment amounts of any should be indicated with minus sign. Enter your final answers in whole dollars.) BUILT-TIGHT Cash Budget For July August, and September August September Beginning cash balance Total cash available Cash payments for Total cash payments Preliminary cash balance Ending cash balance Loan balance July Loan Lance Beginning month Additional banan August September Loan be End of Proy
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started