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ca The control of those in trud you to my hunger for the three months. You are presented with the flowing formation September October November Ssies $10,000 $125,000 $172,000 Manufacturing contes 45,000 54,000 Selling and administrative 36.00 expenses 65,000 36.000 Captamped 41.000 The company expuesto il bout 10of its means for cash or on opetett be collected in the month owing the and the rear the following monthsecond month Duration, inince and party expert 7,000 or the monthly manucure com The nemminary, December Por of the manufacturing, we to be the movie while they were and the bwance is flowing Current sette de canot 130.000, martie ses $36.000, and accounts recente o 400.000 from July 24,000 from Augustino count for Jay and August 13.000 and Current and 7,000 unts were into account ter in an estimated con tax payment of $15.00 will be made in Octoberor reparaty do 1,000 sector al medeste munten a minimum 1.000 Red 1. From amor con tomid perting schedules restantes Outer, warembac Input all mounts on the exceptverot cat dermend diese we would be come with minister Ram 3 days per year for interest.com Bridgeport Homewares Inc Cash Budget For the Thres Horts Ending Nervember 30 September October Nowe cinated the 885 Total Bridgeport Housewares Inc Cash Budget For the Three Months in November 30 Pamate crestrom Total Tat can payments II I QUI LI QUTILE Cance end of month Bor (ocene 1. On the basis of the cash dot peigart (who recommendation should be made to the cor The budget dates that they can be beber This can be correct securities if they are held for suchos. At the end of September Octobe blonde the ance Schedule of Cash Catalans of Accountable Office Martin has cash and carry customers and credit customers are made of money to the white me to treat customers the counts in the months, wearing their in the main the month of sale.ucd es formen en months are shows desber $118.100 Nome 148,300 Decemoer 210,000 The Acounts Receivablet 1073,000 reach of the collections as for Oct Nov December Hundens to the whole ola Orice Martine Schedule of Cash Collections from Sales For the Three Months Ending December 31 October Number December inch sales Casas September sales on account: Collected in October October sal Collect Collectie Novi November an count Catected in November Collected in December Deeme sales en count: Collected in December 0 000 i od Total cash receipts The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $103,000 $125,000 $172,000 Manufacturing costs 43,000 54,000 62,000 Selling and administrative 36,000 38,000 65,000 expenses Capital expenditures 41,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $7,000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and thd balance in the following month Current assets as of September 1 include cash of $39,000, marketable securities of $56,000, and accounts receivable of $114,600 (590,000 from July sales and $24.600 from August sales). Sales on account for July and August were $82,000 and $90,000, respectively. Current liabilities as of September 1 include $7,000 accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimate income tax payment of $15,000 will be made in October. Bridgeport's regular quarterly dividend of $7,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $38,000 Required: 1. Prepare a monthly cash budget and supporting schedules for September October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November 1. Prepare a monthly cash budget and supporting schedules for September October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations. Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Other purposes: JOI QUI QUI OLLUT Total cash payments dio Cash balance at end of month Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Other purposes: o Total cash payments Cash balance at end of month Excess or (deficiency) 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? The budget indicates that the minimum cash balance be maintained in November. This situation can be corrected by and/or by the of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will the minimum desired balance. OfficeMart Inc. has "cash and carry" customers and credit customers. OmceMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $118,000 November 148,000 December 216,000 The Accounts Receivable balance on September 30 was $79,000. Prepare a schedule of cash collections from sales for October, November, and December, Round all calculations to the nearest whole dollar, OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: I JO Collected in December Suitestare following the month of sale. Projected sales for the next three months are as follows: October $118,000 November 148,000 December 216,000 The Accounts Receivable balance on September 30 was $79,000. Prepare a schedule of cash collections from sales for October, November, and December, Round all calculations to the nearest whole dollar OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Accounting numerio field Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December OD Total cash receipts C Budget The controller of Bridgeport Housewares the instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales 5103,000 $125,000 $172,000 Manufacturing costs 45,000 54,000 62,000 Selling and administrative 36,000 38,000 65,000 expenses Capital expenditures 41,000 The company expects to sell about 10% of its merchandise for cash of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following saie). Deprecation, insurance, and property tax expense represent $2.000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in January, and the annual property taxes are paid in December of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $39,000, marketable securities of $56,000, and accounts receivable of $114,600 ($90,000 from July sales and $24,600 from August sales). Sales on account for July and August were $82,000 and $90,000, respectively. Current abilities as of September 1 include $7,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $15,000 will be made in October Bridgeport's regular quarterly dividend of $7,000 is expected to be declared in October and paid in November, Maripoement desires to maintain a minimum cash balance of $30,000, Required: 1. Prepare a monthly cash budget and supporting schedules for September October, and November Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for Interest calculations Bridgeport Housewares Ine. Cash Budget out and paid in November Management desires to maintain a minimum cash balance of $30,000 Required: 1. Prepare a monthly cath budget and supporting schedules for September October, and November. Inout all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 November Estimated cash receipts from September October Total cash receipts Less estimated cash payments for Other purposes DII DIO Total cash payments Les estimated cash payments for Other purposes: D DI DULU Total cash payments Cash bilance at end of month Excessor (deficiency 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? The budget indicates that the minimum cash balance De maintained in November. This situation can be corrected by of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will minimum desired balance and/or by the the Cho The core of portraits you to presence for the entry www September October November Sa $100.000 125.000 172.000 Manufacturing out AX.000 54.000 63.000 Being and 30.000 >8.000 05.000 ponses Capture 41.000 The competention the force on account, we tweede teemad on the Derection, and oty tax 87.000 manns there is a primer fine eander of the manufacturing come to be in the other create fotong Current metsas of ember 20.000. arte securities 56,00, de 114.000.000 from y 34.000 from Sesong were 12.000 and 190,000, respectively. Currents of Setnov 17,000 st accounts for cos Al segundo ver we can they wind an ematen met of 311.000 de maden Otober departure end of 87.000 studentored med said in over Management des na mchance of 538.000 Required: 1. Premanthy care and supporting schemes for Setembro November tout mounts et pour over de decency which will be vacaret wisa minussip 360 days ser year for resten Bridgeport Housewares Inc. Cash Budget For the Three Month Endin November 30 SO apter 21 Homework (Application) 1. Prepare a money can use and corting on to Super October, and enter. Deres postes cases are no meana na A 30 days per year for en Bridgeport Housewaresine Cash Budget Farthe Three Honths Ending November 10 SON med cash recept Los estado euros QI I DO Ched te) 2. On the basis of the then, the other the chance benemohon dov Set the orderober the cash