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Go to pg. 1095 li AA TOC PR 21-4A Cash budget Obj. 5 The controller of Bridgeport Housewares Inc, instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: A-Z. SHOW ME HOW EXCEL TEMPLATE Sales Manufacturing costs.. Selling and administrative expenses Capital expenditures September October November $250,000 $300,000 $315,000 150,000 180,000 185,000 42,000 48,000 51,000 200,000 r > The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $50,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $40,000, marketable securities of $75,000, and accounts receivable of $300.000 ($60.000 from July sales and $240.000 from August sales), Sales on account for July and August were Il Book sk X Go to pg. 1095 l AA TOC A-Z The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $50,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $40,000, marketable securities of $75,000, and accounts receivable of $300,000 ($60,000 from July sales and $240,000 from August sales). Sales on account for July and August were $200,000 and $240,000, respectively. Current liabilities as of September 1 include $40,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $55,000 will be made in October. Bridgeport's regular quarterly dividend of $25,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $50,000. > Instructions 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Answer + 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? B D E F G H K L M Supporting calculations: Collections of accounts receivable: Sales on Account 200,000 October November Percentage 30% September $ 60,000 S 168,000 240,000 240,000 70% 30% 72,000 July sales August sales: Collected in September Collected in October September sales: Collected in October Collected in November October sales Totals 157,500 250,000 250,000 300,000 70% 30% 70% 67,500 189,000 256,500 $ 228,000 $ 229,500 $ 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 Payments for manufacturing costs: Costs on Account Percentage Payments $ 100,000 80% 40,000 80,000 120,000 $ $ Paid in September: Incurred in August Incurred in September Total Paid in October Incurred in September Incurred in October Total Paid in November Incurred in October Incurred in November Total 100,000 130,000 20% 80% 20,000 104,000 124,000 $ $ 130,000 135,000 20% 80% 26,000 108,000 134,000 $ [Key essay answer here] 70 71 72 73 74 75 76 77 78 79 80 Pr. 21(7)-4A Select destination and press ENTER or choose Paste + 100%