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Cash Budget The controller at Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget Information September October November Sales $125,000 $161,000 $201.000 Manufacturing costs 53,000 69,000 72,000 Selling and administrative 44,000 48,000 76,000 expenses Capital expenditures 48,000 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 represent 89,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December of 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 548,000, marketable securities of 368,000, and accounts receivable of $139,000 ($109,000 from July sales and $30,000 from August sales). Sales on account for July and August were $100,000 and $109,000, respectively. Current liabilities as of September 1 include $9,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated Income tax payment of $19,000 will be made in October. Bridgeport's regular quarterly dividend of 89,000 is expectad to be declared in October and paid in November. Management desires to maintain a minimum cash balance of 547,000, Required: 1. Prepare a monthly cash budout and supporting schedules for September October, and November. Input all amounts as positive values except overall cash decrease and defidency which should be indicated with a minus sion. Assume 360 days per vear for interest calculations Previous Check My Work Amore Check My Work uses remaining Capital expenditures 48,000 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 represent $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December of 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 $48,000, marketable securities of $68,000, and accounts receivable of $139,000 ($109,000 from July sales and $30,000 from August sales). Sales on account for July and August were $100,000 and $109,000, respectively. Current liabilities as of September 1 include $9,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated Income tax payment of $19,000 will be made in October, Hridosport's regular quarterly dividend of 30,000 is expected to be declared in October and paid in November, Management desires to maintain a minimum cash balance of $47,000, Required: 1. Prepare a monthly cash budget and supporting schedules for September October, and November. Input all amounts as positive values except overal cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from 89 Total cash receipts Previous Chuck My Work 4 more Check My Work uses remaining Required: 1. Prepare a monthly cash budget and supporting schedules for September October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign, Assume 360 days per year for interest calculations. Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from 89 Total cash receipts Less estimated cash payments for Other purposes DU I QUI doo ni uni Total cash payments 8 Previous Check My Work 4 more Check My Work uses remaining - WC Design And Create Total cash receipts Less estimated cash payments for 10 b) ON Other purposes: O O ON Total cash payments Dini Cash balance at end of month ES Excess or (deficiency) 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? The budget indicates that the minimum cash balance be maintained in November. This situation can be corrected by and/or by the of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will the minimum desired balance, 4 more Check My Work uses coming Previous My Work Total cash receipts Less estimated cash payments for: Other purposes: 100 I (LJ) 01 DVD ID, Total cash payments Cash balance at end of month Excess or (deficiency) 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? The budget indicates that the minimum cash balance be maintained in November. This situation can be corrected by of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will the minimum desired balance. and/or by the Previous