4/4/18, 9:28 PM Assignment Print View The following information applies to the q

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4/4/18, 9:28 PM Assignment Print View The following information applies to the questions displayed below Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow July August September $57000 $73000 $ 55,000 Budgeted sales Budgeted cash payments for 15,760 13,04013360 Direct materials Direct labor Factory overhead 3,640 2,960 19,800 16,400 16,800 Isales are 20% cash and 80% on credt. Au credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash, $44,600 in accounts recelvable: $4100 in accounts payable: ereres4soo balance in loans payable. A minimum cash balance of $15.000 is required. Loans are obtained at the end of any month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions 00% of sales office salaries $3,600 per month and rent ($6,100 per month) month when a cash shortage occurs. Interest is 1% per /.Award: 2.16 points (2) Prepare a cash budget for each of the months of July, August, and September. (Negative bala and Loan repayment answers in whole dollars.) amounts (if any) should be indicated with minus sign. Enter your final hito Dezte mbeducation.com/tn tpxhodo c 1SinglePrintviewlaingl 25270740420/66edrole-sudent&pid-23014424; Page 1 ot 2 Page 1 of 2

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1. Expected Cash Collections Sale 57000 73000 55000 July Aug September Collection against opening Receivable 44600 Cash Sale 20% 11400 14600 11000 Credit Sale-Received next month 80% 45600 58400 Total Cash Collection 56000 60200 69400 2. Expected Cash Disbursment July Aug September Direct Material 15760 13040 13360 Direct Labor 3640 2960 3040 Factory Overhead 19800 16400 16800 Sales Commission 10% of sale 5700 7300 5500 Office Salaries 3600 3600 3600 Rent 6100 6100 6100 Toal Cash disbursment 54600 49400 48400 3. Cash Budget July Aug September Beginning Cash Balance 15000 15000 22521.54 Add receipts: -Collection from Customers (From-1) 56000 60200 69400 Total Cash Available 71000 75200 91921.54 Less: Cash Disbursment 54600 49400 48400 Total Cash Disbursment 54600 49400 48400 Excess/(Deficiency) of cash 16400 25800 43522 Financing: -Borrowing -Repayment (16400-15000-46) -1354 -3246 -Interest (4600*1%) and 3246*1% -46 -32 Total Financing -1400 -3278 Ending Cash Balance 15000 22522 43522

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