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use the information to answer blanks below Leigh, Waterways' CFO, was sent to B.C. to oversee the plant's budgeting process for the second quarter of
use the information to answer blanks below
Leigh, Waterways' CFO, was sent to B.C. to oversee the plant's budgeting process for the second quarter of 2023. Jordan asked the various managers to collect the following information for preparing the second-quarter budget. balance is collected in the month after sale. This was the same collection pattern as the previous year. The new plant has no bad debts. Direct Materials This plant likes to keep 10% of the materials needed for the next month in its ending inventory. Fifty percent of the payables is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts payable on March 31 will total $127,200. Direct Labour Labour requires 15 minutes per unit for completion and is paid at an average rate of $10 per hour. Labour requires 15 minutes per unit for completion and is paid at an average rate of $10 per hour. is considered to be on the first day of the month and repayments and interest payments are on the last day of the month. In May, $730,000 of new equipment to update operations will be purchased. Three months' insurance is prepaid on the first day of the first month of the quarter. For the second quarter of 2023, prepare a cash budget. (Round answers to O decimal places, e.g. 2,575.) WATERWAYS CORPORATION British Columbia Production Plant Cash Budget for the 2nd Quarter, 2023 Add : Total expenditures Less : Borrowings Interest Ending cash balance $ $ Beginning cash balance Borrowings Cash collections Direct labour Direct materials Cash expenditures Prepaid insurance Ending cash balance Equipment purchase Excess of available cash over cash disbursements Financing Interest Manufacturing overhead Cash receipts Repayments Selling and administrative Total available cash Total expenditures Total financing Leigh, Waterways' CFO, was sent to B.C. to oversee the plant's budgeting process for the second quarter of 2023. Jordan asked the various managers to collect the following information for preparing the second-quarter budget. balance is collected in the month after sale. This was the same collection pattern as the previous year. The new plant has no bad debts. Direct Materials This plant likes to keep 10% of the materials needed for the next month in its ending inventory. Fifty percent of the payables is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts payable on March 31 will total $127,200. Direct Labour Labour requires 15 minutes per unit for completion and is paid at an average rate of $10 per hour. Labour requires 15 minutes per unit for completion and is paid at an average rate of $10 per hour. is considered to be on the first day of the month and repayments and interest payments are on the last day of the month. In May, $730,000 of new equipment to update operations will be purchased. Three months' insurance is prepaid on the first day of the first month of the quarter. For the second quarter of 2023, prepare a cash budget. (Round answers to O decimal places, e.g. 2,575.) WATERWAYS CORPORATION British Columbia Production Plant Cash Budget for the 2nd Quarter, 2023 Add : Total expenditures Less : Borrowings Interest Ending cash balance $ $ Beginning cash balance Borrowings Cash collections Direct labour Direct materials Cash expenditures Prepaid insurance Ending cash balance Equipment purchase Excess of available cash over cash disbursements Financing Interest Manufacturing overhead Cash receipts Repayments Selling and administrative Total available cash Total expenditures Total financingStep by Step Solution
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