URGENT!!!
COMPLETE A CASH BUDGET FOR ARMAND COMPANY
Cash Budget January, February, and March January February March Total Beginning cash balance Cash receipts X More info Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Armand's beginning cash balance is $5,500 and Armand desires to maintain a minimum ending cash balance of $5,500. Armand 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 9% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Selling and administrative expenses Interest expense Print Done Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Reference Cash Receipts from Customers January February March Total Total sales $ 11,500 $ 14,600 $ 16,300 $ 42,400 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales $ 9,200 1,150 $ 1,150 11,680 JanuaryCredit sales, collection of January sales in January JanuaryCredit 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 MarchCash sales 1,460 $ 1,460 13,040 March-Credit sales, collection of March sales in March 1,630 $ 10,350 $ 14,290||$ 16,130||$ 40,770 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 1,630 Reference January February March Total Cash Payments Direct Materials: $ 0 Accounts Payable balance, January 1 JanuaryDirect material purchases paid in February FebruaryDirect material purchases paid in March $ 3,700 $ 3,600 0 3,700 3,600 $ 7,300 Total payments for direct materials Direct Labor: Total payments for direct labor 3,500 3,100 4,100 10,700 640 640 1,280 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 3,120 3,120 3,120 640 640 4,400 Selling and Administrative Expenses: Utilities for office 460 460 920 Property taxes on office 2280 2280 Reference Direct Lapor: Total payments for direct labor 3,500 3,100 4,100 10,700 640 640 1,280 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 3,120 3,120 3,120 640 640 4,400 Selling and Administrative Expenses: Utilities for office 460 460 920 Property taxes on office 2,280 2,280 Office salaries 6,500 6,500 6,500 19,500 Total payments for Selling and Admin. expenses 8,780 6,960 6,960 22,700 $ Total cash payments 15,400 $ 14,400 $ 15,300 45,100 Acccount balances, March 31: Prepaid Property Taxes $ 4,050 Accounts Payable $ 4,900 Utilities Payable $ 1,100
