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Setler79 [48]
3 years ago
15

Use the following information to prepare the September cash budget for PTO Co. The following information relates to expected cas

h receipts and cash payments for the month ended September 30.
a. Beginning cash balance, September 1, $41,000.
b. Budgeted cash receipts from sales in September, $258,000.
c. Raw materials are purchased on account. Purchase amounts are August (actual), $72,000, and September (budgeted), $108,000. Payments for direct materials are made as follows: 70% in the month of purchase and 30% in the month following purchase.
d. Budgeted cash payments for direct labor in September, $30,000.
e. Budgeted depreciation expense for September, $3,800.
f. Other cash expenses budgeted for September, $59,000.
g. Accrued income taxes payable in September, $10,800.
h. Bank loan interest payable in September, $1,700.
Business
1 answer:
MAXImum [283]3 years ago
4 0

Answer and Explanation:

The Preparation of the cash budget is shown below:-

PTO Co.

Cash budget

For the month ended Sept. 30

Particulars Amount

Beginning cash balance $41,000

Add: Cash receipts for sales $258,000

Total cash available $299,000

LesS:

Cash disbursement

Direct Material $97,200

($72,000 × 30%) + ($108,000 × 70%)

Direct labor $30,000

Other expenses $59,000

Accrued Taxes $10,800

Interest on bank loan $1,700

Total Cash disbursement $198,700

Ending cash balance $100,300

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