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Alik [6]
3 years ago
10

Use the following information to prepare the September cash budget for PTO Manufacturing Co. The following informaition relates

to expected cash receipts and cash disbursements for the month ended September 30.a. Beginning cash balance, September 1, $40,000.b. Budgeted cash receipts from sales in September, $225,000.c. Raw materials are purchased on account. Purchase amounts are: August (actual), $80,000 and September (budgeted), $110,000. Payments for direct materials are made as follows: 65% in the month of purchase and 35% in the month following purchase.d. Budgeted cash disbursements for direct labor in Spetember, $40,000.e. Budgeted depricitaion expense for September, $4000f. Other cash expenses budgeted for September, $60,000g. Accrued income taxes payabel in September, $10,000h. Bank loan interest payabel in Septermber, $1,000
Business
1 answer:
Keith_Richards [23]3 years ago
6 0

Answer and Explanation:

The preparation of the cash budget is shown below:

Beginning Cash Balance        $40,000

Budgeted Cash Receipts        $225,000

Total Cash Available                $265,000

Less

Payment of Raw Mat purchases in Aug ( $80,000 × 35%)          $28,000.00

Payment of Raw Mat purchases in Sep ($110,000 × 65%)           $71,500

Direct Labor Payment            $40,000

Other Cash Expenses            $60,000

Income Tax Paid                    $10,000

Bank Loan Interest Paid    $1,000

Total Cash Disbursements   $210,500

Closing Cash Balance           $54,500

We simply deduct the all cash expenses from the total cash available so that the closing cash balance could come

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