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Ray Of Light [21]
3 years ago
13

Rigley Company expects to have a cash balance of $46,000 on January 1, 2017. These are the relevant monthly budget data for the

first two months of 2017. 1. Collections from customers: January $71,000, February $146,000. 2. Payments to suppliers: January $40,000, February $75,000. 3. Wages: January $30,000, February $40,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $21,000, February $24,000. These costs include depreciation of $1,000 per month. All other costs are paid as incurred. 5. Selling expenses: January $15,000, February $20,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $12,000 in cash. Rigley Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $20,000. Prepare a cash budget for January and February.
Business
1 answer:
Studentka2010 [4]3 years ago
4 0

Answer:

Rigley's Company will have a cash balance of

$49,000.00 for January

$62,000.00  for February

Explanation:

                              Rigley Company

                Cash Budget for January and February

                      JANUARY          FEBRUARY  

RECEIPTS    

Balance B/F                 $46,000.00    $49,000.00  

1. Customers                $71,000.00           $146,000.00

6. Short Term sales    $12,000.00

  Loan /Credit             $25,000.00           $25,000.00

TOTAL RECEIPTS      $154,000.00    $220,000.00  

PAYMENTS

2. Suppliers              ($40,000.00)    ($75,000.00)

3. Wages              ($30,000.00)   ($40,000.00)

4. Admin Exp               ($20,000.00)     ($23,000.00)

5. Selling Exp              ($15,000.00)     ($20,000.00)  

TOTAL PAYMENTS     ($105,000.00)   ($158,000.00)

BALANCE                    $49,000.00    $62,000.00  

NOTE

Admin Exp  =

January - $21,000.00 - $1,000.00 =  $20,000.00,

February - $24,000.00 - $1,000.00 =  $23,000.00

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Correct/Complete Question:

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Answer:

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Post-industrial societies are societies in which societal production is as a result of creation, processing and storage of information. Simply put, Post-industrial societies are societies in which service provision creates more wealth than manufacturing. This services are done through information creation, processing and storage as written above.

Cheers

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3 years ago
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Answer:

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