Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how would I do this problem? fill in each blank. Loretha Bradley, E & B Manufacturing's budget director, has received budget information from several managers

how would I do this problem? fill in each blank.
image text in transcribed
image text in transcribed
image text in transcribed
Loretha Bradley, E & B Manufacturing's budget director, has received budget information from several managers and is preparing the company's cash budget. January Collections from sales 476,200 80,505 Payments for direct materials 98,640 Payments for direct labor Payments for manufacturing overhead 78,490 111,400 Payments for Selling & administrative expenses In addition to the information she received from these managers, Loretha knows the following: E & B plans to have $32,400 in its cash account on January 1. . E & B plans to purchase and pay cash for a piece of land in January at a cost of $85,000. E & B plans to make a cash purchase of equipment in March at a cost of $28,000. . E & B plans to have $32,400 in its cash account on January 1. E & B plans to purchase and pay cash for a piece of land in January at a cost of $85,000 E & B plans to make a cash purchase of equipment in March at a cost of $28,000. E & B's income taxes from last quarter totaling $26,400 will be paid in January E & B plans its monthly depreciation expense (that is included in S & A exp.) to be $20,000/month. E & B is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. Question 1 2.5 pts What is E & B's Total Budgeted Cash Available to Spend for the month of January? D Question 2 2.5 pts What is E & B's Total Budgeted Cash Disbursements for the month of January? D Question 3 2.5 pts What is E & B's Budgeted Excess / Deficiency for the month of January? Indicate a deficiency with O. Question 4 2.5 pts What amount, if any, will E & B need to borrow in the month of January

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

Horngrens Financial & Managerial Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136516254, 9780136516255

More Books

Students also viewed these Accounting questions

Question

Compare wages in Romania to wages in your home country.

Answered: 1 week ago

Question

Which were the causes of high employee turnover at Fomco Group?

Answered: 1 week ago