Exercise 23-15

Deitz Corporation is projecting a cash balance of $ 30,030 in its December 31, 2016, balance sheet. Deitzs schedule of expected collections from customers for the first quarter of 2017 shows total collections of $ 185,185. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $ 43,043. Other information gathered for the first quarter of 2017 is sale of equipment $ 3,003 ; direct labor $ 70,070 , manufacturing overhead $ 35,035, selling and administrative expenses $ 45,045 ; and purchase of securities $ 14,014. Deitz wants to maintain a balance of at least $ 25,025 cash at the end of each quarter.

Fill in the blanks. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter 0 for amounts.)

DEITZ CORPORATION Cash Budget For the Quarter Ended March 31, 2017 Beginning Cash Balance 30,030 Add Sale of Equipment 3,003 RP x x x Less Disbursements Selling and Administrative Expenses 45,045 Purchase of Securities 14,014 Manufacturing Overhead 35,035 Direct Labor 70,070 * * * XX Ending Cash Balance 25,025