Question
Marigold Corp. prepares monthly cash budgets. Here are relevant data from operating budgets for 2017. January...
Marigold Corp. prepares monthly cash budgets. Here are relevant
data from operating budgets for 2017.
|
January |
February |
|||
|---|---|---|---|---|
|
Sales |
$360,400 | $401,700 | ||
|
Purchases |
121,900 | 131,000 | ||
|
Salaries |
83,000 | 81,600 | ||
|
Administrative expenses |
71,700 | 74,300 | ||
|
Selling expenses |
78,400 | 86,600 |
All sales and purchases are on account. Budgeted collections and
disbursement data are given below. All other expenses are paid in
the month incurred except for administrative expenses, which
include $1,100 of depreciation per month.
Other data.
| 1. | Collections from customers: January $336,800; February $378,600. | |
| 2. | Payments for purchases: January $109,600; February $141,100. | |
| 3. | Other receipts: January: collection of December 31, 2016, notes receivable $18,700; February: proceeds from sale of securities $5,300. | |
| 4. | Other disbursements: February $12,600 cash dividend. |
The company’s cash balance on January 1, 2017, is expected to be
$47,900. The company wants to maintain a minimum cash balance of
$58,710.
Prepare a cash budget for January and February. (Do not
leave any answer field blank. Enter 0 for
amounts.)
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