how to prepare schedule of cash payments?

incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. q. Nerdzy desires to maintain a minimum cash balance of $20,000 and borrows from the local bankas In increments of $1,000 at the beginning of the quarter; principal repayments are made at the begir the quarter when excess funds are available and in increments of $1,000; interest is 12% per year an at the beginning of the quarter based on the amount outstanding from the previous quarter. Nerdzy Computer Company Balance Sheet December 31, 2020 2 3 20,000 30,000 3,000 10,800 63,800 168,000 (39,000) 129,000 192,800 16,000 -4 Assets 55 Current Assets 56 Cash 67 A/R 68 Raw Materials Inventory 69 Finished Goods Inventory 70 Total Current Assets 71 Plant Property & Equipment 72 Equipment 73 Less: Accumulated Depreciation 74 Total Assets 75 76 Liabilities 77 Current Liabilities: 78 Accounts Payable 79 80 Stockholders' Equity 81 Common Stock, no par 82 Retained Earnings 83 Total stockholders' equity 84 Total Liabilities and Stockholders' Equity 85 86 87 88 89 90 91 92 93 94 95 96 130,000 46,800 176,800 192,800 Directions A Reg1 Student Calculations Area + Ready al Schedule of Cash Payments Schedule of Cash Payments 91 02 03 04 Total Total DM Purchases Q1 92 03 04 Total Cash Payments Direct Material Accounts Payable Balance, 12/31/2020 Q1 purchases, paid in 01 al purchases, paldin 02 02 purchases, paid in 2 02 purchases, paldin 03 Q3 Purchases paid in 3 Purchases paldin 04 Q4 Purchases, paldin 04 Total Payments for DM Direct Labor Total Payments for DL Manufacturing Overhead Variable MOH Utilities, ins, Prop Taxes Total payments for MOH SAA Expenses Salaries Expense Rent Expense Insurance Expense Supplies Expense Total Payments for S&A expenses Income Taxes Total payments for income taxes Capital Expenditures: Total Payments for Cap. Expenditures 25,000 O a 25,000 Total Cash payments before interest) D E H 2 3 -4 25 Additional Information 26 a. Budgeted sales are 1,000 laptops for the first quarter and are expected to increase by 200 laptops per 27 quarter Cash sales are expected to make up 10% of total sales, the remainder will be on account. The 28 expected sales price per computer is $70. 29 b. Finished goods inventary on December 31, 2020, consists of 300 computers at $36 each. 30 C Desired ending finished goods inventory is 40% of the next quarter's sales, first quarter sales for 2020 are 31 expected to be 1,800 computers: FIFO inventory costing is used. 32 d. Raw Materials Inventory on December 31, 2020, consists of 750 pieces of the required component used to 33 manufacture the laptops. 34 e Direct materials requirements are 2.5 pieces of material per computer. The cost of each piece is $4. 35 Desired ending Raw Materials inventory is 40% of the rest quarter's direct materials needed for 36 production, desired ending inventory for December St 2021, is 750 computer pieces, Indirect materials 37 are insignificant and not considered for budgeting purposes 38 & Each computer requires 0.30 hours of direct labor; direct labor costs average 520 per hour. 39 h. Variable manufacturing overhead is $3 per computer 40 Flved manufacturing overhead includes 56,000 per quarter in depreciation and $10,860 per quarter for other costs, such as utilities, insurance and property taxes 42 Fixed selling and administrative expenses include $8,000 per quarter for salaries: 54,800 per quarter for rent: $1,950 per quarter for insurance and $2,000 per quarter for depreciation 44 k Variable selling and administrative expenses include supplies at 2 of sales 45 l Capital expenditures include $25,000 for new manufacturing equipment to be purchased and paid in the first quarter 47 m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale: December 31, 2020, Accounts Receivable is received in the first quarter of 2021; uncollectible Dir accounts are considered insignificant and not considered for budgeting purposes 50 m. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter, December 31, 2020, Accounts Payable is paid in the first quarter of 2021 32 o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter 54. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred 55 Nerdy desires to maintain a minimum cash balance of $20,000 and borrows from the local bankas needed in increments of $1.000 at the beginning of the quarter, principal repayments made at the beginning of Budget the quarter when excess funds are available and in increments of $1,000 interest 12% per your and paid Variabi the beginning of the quarter based on the amount outstanding from the previous arter Budget Budete Nerdy Computer Company Balance Sheet December 31, 2020 41 ad D 43 46 Bu D Dir 48 49 Buc 51 a.e Manut 53 incurred 56 58 55 50 12 Deprec ucinitie Totalbud 64 Ats 65 Current Directions DE HO Reg Student Calculation Area esc 80 DICO OOO