eBook Show Me How Printem Cash Budget The controller of Bridgeport Housewares Inc. Instructs you to prepare a monthly cash buget for the next three months. You are presented with the following budget Information: September October November Sales $116,000 5142.000 $185,000 Manufacturing costs 49,000 61,000 67,000 Selling and administrative 41,000 43.000 71.000 expenses I Capital expenditures 45,000 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 represent0,000 of the estimated more manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December, or 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 544,000, marketable securities of $63.000, and accounts receivable of $129,900 ($27,900 from uses and 102.000 from August sales). Sales on account for July and August were 393.000 and $102,000, respectively. Current les as of September 1 include $9,000 of accounts payable incurred in August for manufacturing costs. All seling and administrative expenses are paid cash in the end they are curred. An estimated Income tax payment of $17.000 will be made in October. Bridgeport's regular Quarterly dividend of 59.000 is expected to be declared in October and paid in November Management desires to maintain a minimum cash balance of 565,000 Required: 1. Prepare a monthly cash budget and supporting schedules for September October, and November sume 360 day per year for interest cicios Bridonor Housewares or Check My Work Save and Submit Augment for Grading 1. Prepare a monthiy cash budget and supporting schedules or september, Oroser, and November SMS sys per year Turmer Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from: Cash sales 11,600 14,200 18,600 Collection of accounts receivable v Total cash receipts Less estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures DOD O DO DO DODO DOO DE Other purposes: Income tax Dividends Total cash payments Cash increase or (decrease) Plus cash balance at beginning of month Previous Check My Work eBook Show Me How Print Item 11.00 14,200 1. Estimated cash receipts from: Cash sales Collection of accounts receivable Total cash receipts Less estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax IQ QO Q00000 QOQ QOI. QUU DUONO Dividends Total cash payments Cash increase or decrease) Plus cash balance at beginning of month Cash balance at end of month Less minimum cash balance Excess or (deficiency) Previous Next) Check My Work