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Cash Budget

Question

Answered

You have the following information about a H Ltd, a new business:

 

 

 

Budgeted          Credit

sales

Budgeted Cash sales

January, 2014

40,000

30,000

February

45,000

20,000

March

50,000

25,000

April

55,000

30,000

 

Collections on credit sales average 40 percent in the month of sales and the remaining 60 percent in the month following the sales.

 

Cost of sales (purchases) averages 60% of total sales revenue.

 

Twenty percent of cost of sales is on cash basis, and 80 percent is paid in the month following purchases.

 

Otheoperatinexpenses  according  to  the  forecasted  income  statement follow:

 

 

 

 

January

February

March

Wages and salaries

$18,000

$18,000

$18,000

Office rent

6,000

6,000

6,000

Insurance

1,000

1,000

1,000

Utilities

2,000

2,000

2,000

Other operating costs

5,000

5,000

5,000

Depreciation

3,000

3,000

3,000

Interest expense

500

500

500

 

Note that the payroll, utilities, other operating costs, and interest expense are paid in cash each month as the expense is incurred.

The insurance expense is paid in January each year in advance for the whole year ($12,000 per year).

The office rent is paid quarterly in advance starting January each year

 

In March, the company plans to sell some old equipment and estimates it will received $10,000 from the sale.

At the same time, it must spend $30,000 on new equipment. The beginning cash balance on June 1 is $10,000.

 

Required:

a)      Prepare the businesss cash budget for each of the three months: J

Cash Budget

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