I need help solving this problem. There are two parts. Thank you so much!
Required information Problem ?-2A Manufacturing: Cash budget LO P2 [The following information applies to the questions displayed below] BuiltTight is preparing its master budget for the quarter ended September 30, 2013'. Budgeted sales and cash payments for product costs for the quarter follow: July August September Budgeted sales $59,500 $75,500 $52,500 Budgeted cash payments for Direct materials 11.060 14.340 14.660 Direct labor 4.940 4,260 4,340 Factory overhead 21.100 17.700 18.100 Sales are 30% cash and 3"0'36 on crediL All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,900 in accounts receivable; $5,400 in accounts payable; and a $5,900 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-ofthe-month loan balance and is paid at each monthend. If an excess balance of cash exists, loans are repaid at the end ofthe month. Operating expenses are paid in the month incurred and consist of sales commissions {10% of sales}, ofce salaries [$4,900 per month], and rent {$1400 per month]. Problem 7 - 2 4 Part ! ( 7) Prepare a cash receipts budget for July, August , and September. BUILT_ TIGHT Cash Receipts Budget For July, August , and September July August September LESS : Ending accounts receivable Cash receipts from ` Total cash receiptsRequired information Problem 7 - 2 4. Manufacturing : Cash budget LO P Z [ The following information applies to the questions displayed below* !* Built - Tight is preparing it's master budget for the quarter Ended September 30, 2017 . Budgeted Sales and cash payments for product costs for the quarter follow. July ALITUBE GEDTENDED* BudgetEd BALES $ 59, 500 \\$ 75 , 50 0 $ 52, 500 BudgetEd FEEL DEVICETIES FOR DIRECT MATERIALS 17 , 050 14 , 340 14 , 650 DIRECT Labor 4 , 9101 4, 250 4 , 3:40 FACTORY OVERHEAD 21 , 100 17, 700 18 , 100 Sales are 3046 cash and TO} on credit . All credit sales are collected in the month following the sale . The JUNE 30 balance Sheet includes balances of $15, 000 in cash ; $ 45, 50 0 in accounts receivable ; $ 5, 400 in accounts payable ; and a $5, 500 balance in loans payable . A minimum cash balance of $75, 000 is required . Loans are obtained at the End of any month when & cash shortage occurs . Interest is 196 per month based on the beginning - of - the - month loan balance and is paid at Each month -End . If an EXCESS balance of cash Exists , loans are repaid at the End of the month . Operating EXPENSES are paid in the month incurred and consist of sales commissions ( 1086 of sales ), Office Salaries |$ 4, 900 per month) , and rent |$7. 400 per month ) .Problem 7-2A Part 2 (2) Prepare a cash budget for each of the months of July. August, and September. (Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Enter your final answers In whole dollars.) BUILT-TIGHT Cash Budget For July August, and September July August september Beginning cash balance Total cash avallable Cash payments for. Total cash payments Preliminary cash balance Ending cash balance Loan balance July August September Loan balance - Beginning of mond Additional loan (loan repayment) Loan balance - End of month
