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During the last week of August, Oneida Company's owner approaches the bank for a $105,500 loan to be made on September 2 and repaid on

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During the last week of August, Oneida Company's owner approaches the bank for a $105,500 loan to be made on September 2 and repaid on November 30 with annual interest of 13%, for an interest cost of $3,429. The owner plans to increase the stores inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Oneida's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1 Oneidais expected to have a 54,500 cash balance 5146,000 of net accounts receivable, and $100,000 of accounts payable. Its budgeted sales merchandise purchases, and various cash payments for the next three months follow Budgeted Tires September October ber Sale $ 230,000 $465,000 $450,000 Merchandise pares 225,000 215,000 203.000 Cash payment Payroll 20,500 21.900 24,500 9.000 9,000 9.000 other cash expenses 33,560 30,00 20.000 Kepayment of bank loan 195,500 Interest on the bank loan 3.0 Operations began in August, August sales were $200,000 and purchases were $125.000 The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 27% of credit sales is collected in the month of the sale, 44% in the month following the sale, 22% in the second month. 6% in the third and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $83.000 of the $200,000 will be collected in September, $44.000 in October, and 512.000 in November. Al merchandise is purchased on credit 60% of the balance is paid in the month following a purchase, and the remaining 40% is paid in the second month. For example of the $125,000 August purchases, $75.000 will be paid in September and $50,000 in October Required: Prepare a cash budget for September October, and November Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the calculation of cash receipts from sales and calculation of cash payments for merchandise Calculation of cash registros Collected in November Total Sales Uncollectible September October November Account Re Credits from August $ 200 000 September 230 000 October 465.000 November 450,000 Tetas Calculation of cash payment for merchandise -Paldin- August October Total November Purchase Purchasestrom August September Odor November Totals $ 5.000 225.000 215.000 203.000 S767.000 Cash Budget During the last week of August, Oneida Company's owner approaches the bank for a $105.500 loan to be made on September 2 and repaid on November 30 with annual interest of 13%, for an interest cost of $3,429. The owner plans to increase the stores inventory by 560.000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Oneida's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1 Oneidais expected to have a $4.500 cash balance 5146,000 of net accounts receivable, and $100,000 of accounts payable. Its budgeted sales merchandise purchases, and various cash payments for the next three months follow. Tradgated in September Detober More Salen $ 230,000 45,00 450,000 Merchandise purchases 225,000 215.000 202.000 Caah payment Payroll 20.500 31,900 24,500 Rent 9,000 9,000 Other cash expenses 33,500 30,00 20,00 Hepayment of bank loan 105,500 Interest on the bank loan 3,423 Operations began in August, August sales were $200,000 and purchases were $125.000 The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 27% of credit sales is collected in the month of the sale, 44% in the month following the sale 22 in the second month 6% in the third and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $88.000 of the $200,000 will be collected in September, 544.000 in October, and $12.000 in Novembet All merchandise is purchased on credit 60% of the balance is paid in the month following a purchase, and the remaining 40% is paid in the second month. For example of the $125,000 August purchases, 575.000 will be paid in September and $50,000 in Octobet Required: Prepare a cash budget for September October, and November Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare a cash budget for September October, and November (Round your mowers to the nearest whole dollar ONE DA COMPANY Cash Budget For September October, and November September October November Beginning cash balance $ 4.500 Chops Totalcash valable Cash payments Total cash payment Ending cash balance

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