Search Jesse Bladecki B - Review View - Document3 - Word Design Layout References Mailings Calibri (Body) - 11 - A A A A BIU XX A-DA Help I E T AaBb CcDc AaBbCcDc AaBb C AaBbccc AaB - 1 Normal 1 No Spac... Heading 1 Heading 2 Title Share Find Replace A select- Paragraph Styles Editing 25. Sales Cash Collections Budget. All sales for Ryder, Inc., are on credit. Accounts receivable at the end of last quarter totaled $100,000. Credit sales for the first quarter of the upcoming period are expected to be $300,000. The company expects to collect 70 percent of sales in the quarter of the sale, and 30 percent the quarter following the sale. Prepare a sales cash collections budget for the first quarter of the upcoming period using the top ofFigure 9.11as a guide. (Hint: you are preparing a sales cash collections budget for the first quarter only.) 26. Purchases Cash Payments Budget. All direct material purchases made by Garcia and Associates are on credit. Accounts payable at the end of last quarter totaled $50,000. Purchases for the first quarter of the upcoming period are expected to be $200,000. The company expects to pay 40 percent of purchases in the quarter of purchase and 60 percent the quarter following the purchase. Prepare a purchases cash payments budget for the first quarter of the upcoming period using the middle of Figure 9.11as a guide. (Hint: you are preparing a purchases cash payments budget for the first quarter only.) DFocus -- Chapter 9 Text (1).pdf X ers/us 148956/AppData/local/Microsoft/Windows/INetCache/1E/6YQYX2LY/Chapter%209%20Text%20(1).pdf FIGURE 9.11 Cash Budget for Jerry's Ice Cream Jerry's Ice Cream Cash Budget Year Ending December 31 Quarter Year $ 180,000 144,000 $ 96,000 172,800 Cash collections from sales" Fourth quarter prior year (assumed First quarter ($240,000 sales) Second quarter (S288,000 sales) Third quarter ($360,000 sales) Fourth quarter ($312,000 sales) Total cash collections $ 115,200 216,000 $ 144,000 187,200 $ 331,200 $ 180,000 240.000 288,000 360,000 187,200 51.255.200 $ 324,000 $ 268,800 $ 331,200 (30,000) (59472) 125,4881 71,680) Cash payments for purchases of materials Fourth quarter prior year (assumed First quarter (584,960 purchases) Second quarter ($102,400 purchases) Third quarter ($115.200 purchases) Fourth quarter (5101,920 purchases) Total cash payments for purchases (30,720) (80,640) (34,560) (71,344) S(105.904) (30,000) (84,960) (102,400) (115.2001 (71.3.44) $ (403.904) $ (89,4721 5 (97,168) $(111,3601 Other cash payments*** Direct labor Manufacturing overhead Selling and administrative Capital expenditures Total other cash payments (53,040) (45,400) (55,000) (63.960) (49,600) (55,000) (76,960) (54,600] (55.000) 166,560) (50.600) (55,000) 125.000) 31197160) (260,520) (200,200) (220,000) (25.000) $1705,720) 5153,440) S(168,560) SIB.560 Excess of collections over payments Beginning cash balan Ending cash balance 81,088 - 10.000 $ 21 DHB 3,072 91,088 $ 94.160 33,280 4,160 $22.440 28,136 127,440 $ 155,576 145,576 10,000 $ 155 576 Based on sales budget shown in Figure 9.3. All sales are on Credit: 60 percent collected in the quarter of sale and 40 percent collected the following quarter. **Based on purchases budget shown in Figure 95. All purchases are on Credit: 70 percent paid in the quarter of