Question Help o Maynard Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the cash payments schedule.) (Click the icon to view the additional information.) Complete a cash budget for Maynard Company for January, February and March. (Complete all input fields. Enter a "O" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Total Maynard Company Cash Budget January, February, and March January February March Beginning cash balance $ 4,000 $ 4,400 $ 4,220 Cash receipts 11,160 15,730 10,970 Cash available 15,160 20.130 15,190 Cash payments Purchases of direct materials 0 4,000 4,300 Direct labor 3,000 3,700 4,400 3,720 Manufacturing overhead 950 950 7,040 5,240 5,240 Seling and administrative expenses 20 7 Interest expense 0 Enter any number in the edit fields and then click Check Answer 0 7 Maynard Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the cash payments schedule.) Click the icon to view the additional information.) Complete a cash budget for Maynard Company for January, February and March. (Complete all input fields, Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Direct labor 3,000 3,700 4,400 Manufacturing overhead 3,720 950 950 Selling and administrative expenses 7,040 5,240 5,240 Interest expense 20 Total cash payments 13,760 13,910 14,897 Ending cash balance before financing 1,400 6,220 293 Minimum cash balance desired (4.000) (4,000) (4,000) Projected cash excess (deficiency) (2,600) 2,220 (3,707) Financing 3,000 4,000 Borrowing Principal repayments (2.000) 3,000 (2.000) 4,000 Total offects of financing 4,400 $ 4,220 $ 4.293 Ending cash balance 0 0 Enter any number in the edit fields and then click Check Answer. Check Answer Clear All Cash Receipts from Customers Total January February March $ 12,400 $ 16,100 $ 10,400 $ January February March Total sales 38,900 Total $ 9,920 1,240 Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March 1,240 12,880 1,610 1,610 8,320 1,040 10,970 $ 37,860 11,160 $ 15,730 Total cash receipts from customers Reference January February March Total $ Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials $ 4,000 4,300 4,300 $ 0 4,000 8,300 Direct Labor: Total payments for direct labor 3,000 3,700 4,400 11,100 950 950 1,900 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 3,720 3,720 3,720 950 950 5,620 Print Done i More Info ti or Maynard's beginning cash balance is $4,000 and Maynard desires to maintain a minimum ending cash balance of $4,000. Maynard borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 8% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. es le Print Done
