88% to wed 8:11 PM Natalie ew History Bookmarks People Window Help Question 1 lv

Question

88% to wed 8:11 PM Natalie ew History Bookmarks People Window Help Question 1 lvanhoe Company x'(, Ghow to get total avalable cas x tps://edugen t/mainfr.uni Kimmel, Accounting, 6e FINANCIAL & MANAGERIAL (ACC Gradebeok ORTON Downleadable eTextbook nt PRINTER VERSION BACK Exercise 7-14 Your anawer is partialy corect. Try again. ista Compary expects to have a cash balance of $63,150 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017 1. Colections from customers: January $88,150, February $163,150 2 Payments to suppliers: January $57,150, February $92,15o. 3. Wages: January $31,670, February $41,670 Wages are paid in the month they are incurred 4 Administrative expenses: January $22,670, February $25,670. These costs include depreciation of $1,000 per month. Al other costs are paid as incurred. 5. Seling expenses: January $16,670, February $21,670. These costs are exclutive of depreciation. They are paid as incured. 6. Sales o rn espected to re $13,870 in cash. Carts Vesta Company has a ine of creat at local bank chat enatles i toborrow up to $25,000 The campany wants to minimum monhy cash balance of $37,1 t at a local bank that enables it to borrow up to $25,000. The company wants to maintain a Prepare a cash budget for January and February, l Rights Reserved. A Division of 2.WY .3s.Is version 4 LEARN MORE LEARN MORE

Explanation / Answer

I hope all answer are correct except the following two numbers in February month

1. Total available cash in February

Beginning cash balance $37,810

Add:Total receipts - $163,150

Total available cash $200,960

2.Excess(deficiency) of available cash over disbursements

Total available cash $200,960

Less:Total disbursements $180,160

Excess of available cash over $20,800

Disbursements

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