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Do Homework-tariq salim-Internet Explorer https://myaccount ng ab.mathxl.com Student/PlayerHomework.aspx?homeworklds 314466790&question; d=3&flushed;:false&clds; 3509146&back-DoAssignments.aspx;%3fview%3dhomework MyAccountingLab Homework: Chapter 22 Help tariq s alm1- 11/19/15 9:29 PM Overview S22A-19 (similar to) 1 of 5 complete Exercise Score: 0 of 1 pt Assignment Score: 20% (1 of 5 pts) Packers sells its rock-climbing shoes worldwide. The company has $14,000 in cash on hand at January 1. The following sales budget was produced 2 Help Me Solve This (Click the icon to view the sales budget.) The following budgeted cash collections and budgeted cash payments schedules for January and February were also produced E) (Click the icon to view the schedule for the budgeted cash receipts from customers.) E) (Click the icon to view the schedule for the budgeted cash payments for purchases.) Assume Packers has cash payments for operating expenses include salaries of $32,000 plus commissions of 2% of sales, all paid in the month of sale. The company requires a minimum cash eText Pages Calculator Ask My Instructor balance of $9,500. Prepare a cash budget for January and February. Will Packers need to borrow cash by the end of February? Print Begin by preparing the cash budget for January, then prepare the cash budget for February. (Enter a "O for any zero balances.) Packers Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Cash receipts Cash available Cash payments Purchases of merchandise inventory Operating expenses Enter any number in the edit fields, then click Check Answer 2 parts remaining Clear Al V. Check Answer Save 0 e a 9:30 PM 11/19/2015 Search the web and Windows

Explanation / Answer

Assumed since no information given therefore collection of sale and payment for purchases are made in the month of sale and purchase respectively.

Also please check whether you have posted the question correctly because in the table of inventory, purchases and cost of goods sold company name is mountaineers, also according to me some information in the question may be missing. Please check the question posted

Cash budget for January and february

50500

(32000+(925000*2%))

52700

(32000+(1035000*2%)

Packers will not require to borrow at the end of February.

January February Beginning cash balance (A) 14000 482250 Cash receipts (B) 925000 1035000 Cash available (A+B= C) 939000 1517250 Cash payments: Purchase of merchandise inventory (D) 406250 456500 Operating expenses (E)

50500

(32000+(925000*2%))

52700

(32000+(1035000*2%)

Total cash payments (D+E = F) 456750 509200 Ending cash balance before financing (C-F = G) 482250 1008050 Minimum cash balance desired (H) 9500 9500 Projected cash excess (deficiency) (G-H = I) 472750 998550 Financing: Borrowing (J) 0 0 Principal repayments (K) 0 0 Total effect of financing (J-K = L) 0 0 Ending cash balance (G-L) 482250 1008050

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