Question

Deitz Corporation is projecting a cash balance of $32,070 in its December 31, 2016, balance sheet....

Deitz Corporation is projecting a cash balance of $32,070 in its December 31, 2016, balance sheet. Deitz’s schedule of expected collections from customers for the first quarter of 2017 shows total collections of $197,765. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $45,967. Other information gathered for the first quarter of 2017 is sale of equipment $3,207; direct labor $74,830, manufacturing overhead $37,415, selling and administrative expenses $48,105; and purchase of securities $14,966. Deitz wants to maintain a balance of at least $26,725 cash at the end of each quarter. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter 0 for amounts.) DEITZ CORPORATION Cash Budget $ : : : : $.  

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Answer #1

Answer-

DEITZ CORPORATION
Cash Budget
FOR THE FIRST QUARTER
Particulars 1st Quarter
$
Beginning cash balance (A) 32070
Add- Budgeted cash receipts
Collection from clients 197765
Sale of equipment 3207
Total cash available for use (B) 233042
Less- Cash Payments
Payment for direct materials 45967
Direct labor 74830
Manufacturing overhead 37415
Selling & Administrative expenses 48105
Purchase of securities 14966
Total cash payments (C) 221283
Cash surplus/ (Deficit) (D=A+B-C) 11759
Financing:-
Add-Borrowings 14966
Less-Repayments 0
Budgeted ending cash balance 26725
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