Complete a cash budget for Jason company for January, Feb, March
1Reference Cash Receipts from Customers Total January February March Total sales $10,600$12,300 15,800$38,700 Total January February March Cash Receipts from Customers ounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales FebruaryCredit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers $ 6,360 2,120 $2,120 7,380 2,460 $ 2,460 9,480 3,160 $ 8,480$11,960 15,100$35,540 Print Done March February January Total Cash Payments Direct Materials Accounts Payable balance, January 1 January Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials $ 3,600 $4,000 4,000$ 7,600 0 3,600 Direct Labor: 10,400 2,700 3,400 4,300 Total payments for direct labor Manufacturing Overhead: Utilities for plant Property taxes on plant 850 850 1,700 3,600 3,600 Total payments for manufacturing overhead 3,600 5,300 850 850 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries Total payments for Selling and Admin. expenses 320 640 1,800 13,500 15,940 320 1,800 4,500 6,300 4,500 4,500 4,820 4,820 $ 12,600$12,670 $ 13,970$ 39,240 Total cash payments Acccount balances, March 31: Prepaid Property Taxes Accounts Payable Utilities Payable 4,050 4,800 1,170 Mason's beginning cash balance is $4,000 and Mason desires to maintain a minimum ending cash balance of $4,000. Mason borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 13% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Mason Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) Click the icon to view the cash payments schedule.) (Click the icon to view the additional information.) Complete a cash budget for Mason Company. (Complete all answer boxes. Enter a "O" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Mason Company Cash Budget January, February, and March January Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Selling and administrative expenses Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance
