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kakasveta [241]
3 years ago
8

Blue Corporation is projecting a cash balance of $36,450 in its December 31, 2016, balance sheet. Blue’s schedule of expected co

llections from customers for the first quarter of 2017 shows total collections of $224,775. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $52,245. Other information gathered for the first quarter of 2017 is sale of equipment $3,645; direct labor $85,050, manufacturing overhead $42,525, selling and administrative expenses $54,675; and purchase of securities $17,010. Blue wants to maintain a balance of at least $30,375 cash at the end of each quarter.
Prepare a cash budget for the first quarter.
Business
1 answer:
NeX [460]3 years ago
3 0

Answer and Explanation:

The Preparation of cash budget for the first quarter is following below:-

Cash Budget  

Particulars                              Amount

Cash balance Beginning     $36,450

Add: Receipts  

Total Collection                     $224,775

Sale of equipment                  $3,645

Total receipts                          $228,420

Total cash available               $265,870

Less: Disbursements

Direct material                        $52,245

Direct labor                              $85,050

Manufacturing overhead         $42,525

Selling and

administrative overhead          $54,675

Purchase of securities              $17,010

Total Disbursements                 $251,535

Available excess available

cash over disbursements         $14,335

Financing

Add: Purchase of securities      $17,010

Less: Repayments                            -

Cash balance at ending           $31,345

So, to reach at ending balance we simply added the purchase of securities and ending cash balance.

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