Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hobby Gardens is a garden design and landscaping business. At 30 June 2021, it had a bank balance of $666,100. Provided below are estimates for

image text in transcribed

Hobby Gardens is a garden design and landscaping business. At 30 June 2021, it had a bank balance of $666,100. Provided below are estimates for receipts and payments for the three months ending 30 September 2021. July 2021 August 2021 September 2021 $ $ $ 233,000 311,600 248,800 Receipts Fees Proceeds from the sale of surplus non-current assets 0 388,400 Payments Salaries and wages Supplies New equipment Purchase of plants 87,800 6,500 76,600 5,300 0 86,000 6,400 330,500 87,300 0 88,200 86,800 Required: Prepare a monthly cash budget for the three months ending 30 September 2021. Important: If you think the amount in a cell should be 0, type 0 - don't leave that cell empty. For any amounts, please don't include the dollar sign ($) or any thousands separator - i.e., $12,000 should be written as 12000. For payments, please don't include the - (minus) sign in front of the amounts and also don't place the amounts in parentheses. The - (minus) sign should only be used in front of any amounts that are negative in the last three rows of the cash budget (i.e., Excess/deficit receipts over payments, Bank balance at beginning of month, Bank balance at end of month) - don't place the negative amounts in parentheses. Cash budget for three months ended 30 September 2021 July 2021 $ August 2021 September 2021 $ $ ANTICIPATED RECEIPTS Fees Sale of surplus non-current assets Total receipts ANTICIPATED PAYMENTS Salaries and wages Supplies New equipment Plants Total payments Excess/Deficit receipts over payments Bank balance at beginning of month Bank balance at end of month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd edition

978-1285453828

Students also viewed these Finance questions