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Sheffield Company prepares monthly cash budgets. Relevant data from operating budgets for 2 0 2 3 are as follows: All sales are on account. Sheffield
Sheffield Company prepares monthly cash budgets. Relevant data from operating budgets for are as follows: All sales are on account. Sheffield expects collections to be in the month of sale, in the first month following the sale, and in the second month following the sale. It pays of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: Credit sales: November $; December $ Purchases of direct materials: December $ Other receipts: Januarycollection of December notes receivable $; Februaryproceeds from sale of securitiesOther receipts: Januarycollection of December notes receivable $; Februaryproceeds from sale of securitie $ Other disbursements: Februarypayment of $ for land The company expects its cash balance on January to be $ It wants to maintain a minimum cash balance $ Prepare schedules for the expected collections from customers. the expected payments for direct materials purchases. Month January February December $ $ January February eTextbook and Media Question Part Score Prepare a cash budget for January and February using columns for each month.Prepare a cash budget for January and February using columns for each month. LORCH COMPANY Cash Budget For the Two Months Ending February Jan Feb $
Sheffield Company prepares monthly cash budgets. Relevant data from operating budgets for are as follows:
All sales are on account. Sheffield expects collections to be in the month of sale, in the first month following the sale, and
in the second month following the sale. It pays of direct materials purchases in cash in the month of purchase and the
balance due in the month following the purchase.
Other data are as follows:
Credit sales: November $; December $
Purchases of direct materials: December $
Other receipts: Januarycollection of December notes receivable $; Februaryproceeds from sale of securitiesOther receipts: Januarycollection of December notes receivable $; Februaryproceeds from sale of securitie
$
Other disbursements: Februarypayment of $ for land
The company expects its cash balance on January to be $ It wants to maintain a minimum cash balance $
Prepare schedules for
the expected collections from customers. the expected payments for direct materials purchases.
Month
January
February
December
$
$
January
February
eTextbook and Media
Question Part Score
Prepare a cash budget for January and February using columns for each month.Prepare a cash budget for January and February using columns for each month.
LORCH COMPANY
Cash Budget
For the Two Months Ending February
Jan
Feb
$
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