Please answer all the questions as quickly as possible, thanks!
You recently began a job as an accounting intern at Raymond Golf Park. Your first task was to help prepare the cash budget for April and May. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a paper copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. Click the icon to view the cash budget.) Raymond Golf Park eliminates any cash deficiency by borrowing the exact amount needed from First Street Bank, where the current interest rate is 8% per year. Raymond Golf Park first pays interest on its outstanding debt at the end of each month. The company then repays all borrowed amounts at the end of the month with any excess cash above the minimum required but after paying monthly interest expenses. Raymond does not have any outstanding debt on April 1. Complete the cash budget. Round interest expense to the nearest whole dollar. (Complete all input fields. Enter a "0" for zero balances. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.) Raymond Golf Park Cash Budget Two Months Ended May 31 April May $ 16,500 11700 90200 Beginning cash balance Cash receipts Cash from sale of plant assets Cash available 80,200 2,200 0 106,700 94100 Cash payments: Purchase of inventory Selling and administrative expenses 51000 41,400 30500 47,400 59300 0 Interest expense Total cash payments 98.4001 71900 Ending cash balance before financing 8300 22,200 Minimum cash balance desired (20,000) (20,000) 11700 2200 Cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing 11700 0 0 2200 11700 2278 11700 11700 Ending cash balance Corbett Company manufactures drinking glasses. One unit is a package of eight glasses, which sells for $24. Corbett projects sales for April will be 4,500 packages, with sales increasing by 250 packages per month for May, June, and July. On April 1, Corbett has 400 packages on hand but desires to maintain an ending inventory of 20% of the next month's sales. Prepare a sales budget and a production budget for Corbett for April, May, and June. Corbett Company Sales Budget April, May, and June April May June Total Budgeted packages to be sold 4500 4750 5000 14250 Sales price per package 24 24 24 24 4476 114000 4976 342000 Total sales Now prepare a production budget for April, May, and June. HINT: Remember that the sales budget flows into the production budget when deciding where to begin in the production budget. Corbett Company Production Budget April, May, and June April May June Total 4500 4750 5000 14250 Budgeted packages to be sold Plus: Desired packages in ending inventory Total packages needed Less: Packages in beginning inventory Budgeted packages to be produced
