Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the answer with full working for all the three tables Hardin Fabrications is preparing its cash budget for the third quarter. Cash balance
I need the answer with full working for all the three tables
Hardin Fabrications is preparing its cash budget for the third quarter. Cash balance on July 1$116,500 \begin{tabular}{ll} % of credit sales collected in the month of sale & 20% \\ % of credit sales collected in the following month & 80% \end{tabular} All expenses are paid for as they occur, with the exception of Direct Materials, which is all paid for with a revolving line of credit. Accounts Payable balance on July 1$95,000 %ofAccountsPayablepaidinthemonthofpurchase%ofAccountsPayablepaidinthefollowingmonth30%70% % of Accounts Payable paid in the following month 70% Amount of monthly overhead that is depreciation and amortization $15,000 \begin{tabular}{|c|c|c|c|c|} \hline Selling and Adr & \begin{tabular}{l} tive Expense \\ July \end{tabular} & \begin{tabular}{l} Budget \\ August \end{tabular} & September & Total \\ \hline \begin{tabular}{l} Sales Units \\ Variable Selling Expense per Unit \end{tabular} & \begin{tabular}{r} $2,250 \\ $18 \end{tabular} & \begin{tabular}{r} $2,100 \\ $18 \end{tabular} & \begin{tabular}{r} $1,650 \\ $18 \end{tabular} & \begin{tabular}{r} $6,000 \\ $18 \end{tabular} \\ \hline \begin{tabular}{l} Total Variable Selling Expense \\ Fixed Administrative Expense (for the month) \end{tabular} & \begin{tabular}{l} $40,500 \\ $10,417 \end{tabular} & \begin{tabular}{l} $37,800 \\ $10,417 \end{tabular} & \begin{tabular}{l} $29,700 \\ $10,417 \end{tabular} & \begin{tabular}{r} $108,000 \\ $31,250 \end{tabular} \\ \hline Total Selling and Administrative Expense & $50,917 & $48,217 & $40,117 & $139,250 \\ \hline \end{tabular} Required: Prepare a Schedule of Cash Collections. Prepare a Schedule of Cash Disbursements. Prepare a Cash Budget. Hardin Fabrications is preparing its cash budget for the third quarter. Cash balance on July 1$116,500 \begin{tabular}{ll} % of credit sales collected in the month of sale & 20% \\ % of credit sales collected in the following month & 80% \end{tabular} All expenses are paid for as they occur, with the exception of Direct Materials, which is all paid for with a revolving line of credit. Accounts Payable balance on July 1$95,000 %ofAccountsPayablepaidinthemonthofpurchase%ofAccountsPayablepaidinthefollowingmonth30%70% % of Accounts Payable paid in the following month 70% Amount of monthly overhead that is depreciation and amortization $15,000 \begin{tabular}{|c|c|c|c|c|} \hline Selling and Adr & \begin{tabular}{l} tive Expense \\ July \end{tabular} & \begin{tabular}{l} Budget \\ August \end{tabular} & September & Total \\ \hline \begin{tabular}{l} Sales Units \\ Variable Selling Expense per Unit \end{tabular} & \begin{tabular}{r} $2,250 \\ $18 \end{tabular} & \begin{tabular}{r} $2,100 \\ $18 \end{tabular} & \begin{tabular}{r} $1,650 \\ $18 \end{tabular} & \begin{tabular}{r} $6,000 \\ $18 \end{tabular} \\ \hline \begin{tabular}{l} Total Variable Selling Expense \\ Fixed Administrative Expense (for the month) \end{tabular} & \begin{tabular}{l} $40,500 \\ $10,417 \end{tabular} & \begin{tabular}{l} $37,800 \\ $10,417 \end{tabular} & \begin{tabular}{l} $29,700 \\ $10,417 \end{tabular} & \begin{tabular}{r} $108,000 \\ $31,250 \end{tabular} \\ \hline Total Selling and Administrative Expense & $50,917 & $48,217 & $40,117 & $139,250 \\ \hline \end{tabular} Required: Prepare a Schedule of Cash Collections. Prepare a Schedule of Cash Disbursements. Prepare a Cash BudgetStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started