Business, 09.04.2020 16:48 leomessifanboy678
Cullumber Company expects to have a cash balance of $40,100 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2017.
1. Collections from customers: January $87,300, February $131,300
2. Payments to suppliers: January $42,800, February $50,200
3. Wages: January $34,200, February $40,200. Wages are paid in the month they are incurred.
4. Administrative expenses: January $24,200, February $33,100. These costs include depreciation of $2,800 per month. All other costs are paid as incurred.
5. Selling expenses: January $16,000, February $20,400. These costs are exclusive of depreciation. They are paid as incurred.
6. Sales of short-term investments in January are expected to realize $14,700 in cash. Cullumber has a line of credit at a local bank that enables it to borrow up to $44,100. The company wants to maintain a minimum monthly cash balance of $25,500.
Prepare a cash budget for January and February. (List Items that increase cash balance first.)
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Cullumber Company expects to have a cash balance of $40,100 on January 1, 2022. These are the releva...
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