Answered step by step
Verified Expert Solution
Question
1 Approved Answer
QS 22-24 Manufacturing: Cash budget LO P2 Use the following information: a. Beginning cash balance on March 1, $75,000. b. Cash receipts from sales, $301,000.
QS 22-24 Manufacturing: Cash budget LO P2 Use the following information: a. Beginning cash balance on March 1, $75,000. b. Cash receipts from sales, $301,000. c. Budgeted cash payments for direct materials $137,000. d. Budgeted cash payments for direct labor $72,000. e. Other budgeted cash expenses, $37,000. f. Cash repayment of bank loan, $11,000. Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash disbursements for the month of March and the balance expected on March 31. GADO COMPANY Cash Budget For Month Ended March 31 Beginning cash balance Cash receipts from sales Total cash available Cash payments for: Direct materials Direct labor Total cash payments $ 0 Jasper Company has sales on account and for cash. Specifically, 60% of its sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $535,000 for April, $545,000 for May, and $570,000 for June. The beginning balance of Accounts Receivable is $294,600 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales Sales on account Total sales 40% 60% June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts
Step 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