Deitz Corporation is projecting a cash balance of $34,860 in its December 31, 2016, balance sheet. Deitzs schedule of expected collections from customers for the first quarter of 2017 shows total collections of $214,970. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $49,966. Other information gathered for the first quarter of 2017 is sale of equipment $3,486; direct labor $81,340, manufacturing overhead $40,670, selling and administrative expenses $52,290; and purchase of securities $16,268. Deitz wants to maintain a balance of at least $29,050 cash at the end of each quarter. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter 0 for amounts.)

Exercise 21-15 Your answer is partially correct. Try again. Deitz Corporation is projecting a cash balance of $34,860 in its December 31, 2016, balance sheet. Deitz's schedule of expected collections from oustomers for the first quarter of 2017 shows total collections of $214,970. The schedule of expected payments for direct materials for the first quarter of 2017 shows tatal payments of $19,956. Other information gathered for the first quarter of 2017 is sale of equipment $3,186; direct labor $81,310, manufacturing overhead 540,670, selling and administrative expenses $52,290; and purchase of securities $16,268. Deitz wants to maintain a balance of at least $29,050 cash at the end of each quarter. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter o for amounts.) DEITZ CORPORATION Cash Budget Beginning Cash Balance 34860 Add T Collections from Customers T Sale of Equipment ! 3486 T Direct Labor 81340 T Total Available Cash : Less T Sale of Equipment 1 Manufacturing Overhead : 40670 T Selling and Administrative Expenses 52290 Purchase of Securities 16268 T Total Disbursements T 240534 Excess of Available Cash Over Cash Disbursements 12782 Financing Borrowings 16268 Repayments + Ad Sale of Equipment 214970 add a Sale of Equipment Less 2). Sale of Equipment Sale of Equipment 3486 Ending Cash Balance 29050 LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: APPLIED SKILLS Question Attempts: 2 of 3 used