Oh budget The controller of Bridgeport Houses incrct you to prepare monthly cash budget for the next three months. You are presented with the following badyet formation September October November 5130,000 $150,000 $207,000 Manufacturing costs 55,000 16,000 75,000 Sing and 46,000 46,000 79,000 Capital penditures 50,000 The compects to sell about 10 of merchandise for cash of sales ont expected to be collected in the month following the sale and the remainder the Following month and month following sale). Depreciation, trance and property tax expense represent 9,000 of the estimated monthly manufacturing costs. The an pomembne pod January, and the wal property to repair in December of the remainder of the manufacturing costs, 80% xpted to be paid in the month in which they are curred and the balance in the following month Current sepertier dude cho 19,000, marketable securities of $70,000, and accounts recent of 145,200 (531,200 from July sales and 5114,000 from August ales son count for dy and Mugs were 5904.000 114800, respectively. Current abilities of Setember 1 include 59,000 of accounts payable incurred in August for manufacturing conseling and distrative expenses are paid in coth in the period they are curved. An estimated income tax payment of $18.000 will be made October Minderports regalar quarterly dividend of $8,000 an expected to be desired Octobet and paid in November Management desires to maintain a minimum cash balance of $48.000 Hequired 1. Prepare monthly adott and supporting schedules for repente October and Movemet Assume 360 days per year for interest.com Bridgeport Housewares Inc Cash Budget Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October Estimated cash receipts from: November Total cash receipts Less estimated cash payments for: Other purposes: DI DU QUO Du du JUDI Total cash payments Cash balance at end of month Excess or (deficiency) Other purposes Tot cash payments DJILON ibbudd DJJ) Cash balance at end of month Excess or (detency and/or by the On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? the budget indicates that the minimum clance be maintained in November. This situation can be corrected by of the marketable securities, they are held for such purposes. At the end of September and October the cash balance will munum desired balance Cast Budget The controller of Bridgeport Housewares Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $130,000 $153,000 $207.000 Manufacturing costs 55,000 00.000 25,000 Selling and administrative 46,000 46,000 79,000 expenses Capital expenditures 50,000 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 $9,000 of the estimated monthly manufacturing costs. The annual Insurance premis 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 $49,000, marketable securities of $70,000, and accounts receivable of $145,200 ($31,200 from July sales and $114,000 from August sales), Sales on account for July and August were $104,000 and 5114,000, respectively. Current liabilities as of September 1 include 39,000 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 $18,000 will be made in October Bridgeport's regular quatterly dividend of 89,000 is expected to be declared in October and paid in November Management desires to maintain a minimum cash balance of 548,000 Required: 1. Prepare monthly cash budget and supporting schedules for September October, and November, Assume 360 days per year for interest calculations Bridgeport Housewares Inc. Cash Budget Oh budget The controller of Bridgeport Houses incrct you to prepare monthly cash budget for the next three months. You are presented with the following badyet formation September October November 5130,000 $150,000 $207,000 Manufacturing costs 55,000 16,000 75,000 Sing and 46,000 46,000 79,000 Capital penditures 50,000 The compects to sell about 10 of merchandise for cash of sales ont expected to be collected in the month following the sale and the remainder the Following month and month following sale). Depreciation, trance and property tax expense represent 9,000 of the estimated monthly manufacturing costs. The an pomembne pod January, and the wal property to repair in December of the remainder of the manufacturing costs, 80% xpted to be paid in the month in which they are curred and the balance in the following month Current sepertier dude cho 19,000, marketable securities of $70,000, and accounts recent of 145,200 (531,200 from July sales and 5114,000 from August ales son count for dy and Mugs were 5904.000 114800, respectively. Current abilities of Setember 1 include 59,000 of accounts payable incurred in August for manufacturing conseling and distrative expenses are paid in coth in the period they are curved. An estimated income tax payment of $18.000 will be made October Minderports regalar quarterly dividend of $8,000 an expected to be desired Octobet and paid in November Management desires to maintain a minimum cash balance of $48.000 Hequired 1. Prepare monthly adott and supporting schedules for repente October and Movemet Assume 360 days per year for interest.com Bridgeport Housewares Inc Cash Budget Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October Estimated cash receipts from: November Total cash receipts Less estimated cash payments for: Other purposes: DI DU QUO Du du JUDI Total cash payments Cash balance at end of month Excess or (deficiency) Other purposes Tot cash payments DJILON ibbudd DJJ) Cash balance at end of month Excess or (detency and/or by the On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? the budget indicates that the minimum clance be maintained in November. This situation can be corrected by of the marketable securities, they are held for such purposes. At the end of September and October the cash balance will munum desired balance Cast Budget The controller of Bridgeport Housewares Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $130,000 $153,000 $207.000 Manufacturing costs 55,000 00.000 25,000 Selling and administrative 46,000 46,000 79,000 expenses Capital expenditures 50,000 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 $9,000 of the estimated monthly manufacturing costs. The annual Insurance premis 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 $49,000, marketable securities of $70,000, and accounts receivable of $145,200 ($31,200 from July sales and $114,000 from August sales), Sales on account for July and August were $104,000 and 5114,000, respectively. Current liabilities as of September 1 include 39,000 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 $18,000 will be made in October Bridgeport's regular quatterly dividend of 89,000 is expected to be declared in October and paid in November Management desires to maintain a minimum cash balance of 548,000 Required: 1. Prepare monthly cash budget and supporting schedules for September October, and November, Assume 360 days per year for interest calculations Bridgeport Housewares Inc. Cash Budget