Colter Company prepares monthly cash budgets. Relevant data fromoperating budgets for 2017 are as follows:

January February
Sales 360,000 $400,000
Direct materials purchases 120,000 125,000
Direct labor 90,000 100,000
Manufacturing overhead 70,000 75,000
Selling and administrative expenses 79,000 85,000

All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,000 of depreciation per month. Other data:

(1) Credit sales: November 2019, $250,000; December 2019, $320,000.
(2) Purchases of direct materials: December 2019, $100,000.
(3) Other receipts: January—Collection of December 31, 2019, notes receivable $15,000; February—Proceeds from sale of securities $6,000.
(4) Other disbursements: February—Payment of $6,000 cash dividend.

The companyâs cash balance on January 1, 2017, is expected to be$60,000. The company wants to maintain a minimum cash balance of$50,000.

Prepare schedules for (1) expected collections from customersand (2) expected payments for direct materials purchases forJanuary and February.

1. Collections from customers for January $ 326,000

  Collections from customers for February $ 372,000

2. Payments for purchases of Direct Materials - January $ 112,000

   Payments for purchases of Direct materials - February $ 123,000

Explanation:

Computations for collections from customers

Collections for January

Collections from November sales

- 20 % ( second month of sales) $ 250,000 November sales

Collections from November sales 20 % * $ 250,000                  $ 50,000

Collections from December sales  

- 30 % ( first month after sales) $ 320,000

Collections from December sales 30 % * $ 320,000                  $ 96,000

Collections from January sales

- 50 % ( month of sales) * $ 360,000 January sales

Collections from January sales 50 % * $ 360,000                      $ 180,000

Total Collections for January                                                       $ 326,000

Collections for February

Collections from December sales  

- 20 % ( second month after sales) $ 320,000

Collections from December sales 20 % * $ 320,000                $ 64,000

Collections from January sales

- 30 % ( first month of sales) * $ 360,000 January sales

Collections from January sales 30 % * $ 360,000                    $ 108,000

Collections from February sales

- 50 % ( month of sales) * $ 400,000 ( February sales)

Collections from February sales 50 % * $ 400,000                  $ 200,000

Total collections for February                                                    $ 372,000

Computations for payments for Direct material purchases  

Payments for January

Payments for December purchases

- 40 % ( month after purchase) $ 100,000 (December purchase)

Payments for December purchases 40 % * $ 100,000              $ 40,000

Payments for January purchases

- 60 % ( month of purchase) $120,000

Payments for January purchases 60 % * $ 120,000                  $ 72,000

Payments for January                                                                  $ 112,000

Payments for February

Payments for January purchases

- 40 % ( month after purchase) $ 120,000 (January purchase)

Payments for January purchases 40 % * $ 120,000              $ 48,000

Payments for February purchases

- 60 % ( month of purchase) $125,000

Payments for February purchases 60 % * $ 125,000                  $ 75,000

Payments for February                                                                $ 123,000

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