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  3. pls it will due in 1 hour a jayco's cash...

pls it will due in 1 hour A Jayco's cash...

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Accounting

pls it will due in 1 hour
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A Jayco's cash balance on January 1st is $25,000 and they want to keep a minimum balance of at least $10,000 at all times. The company will borrow and repay funds In Increments of $1,000 at a Interest rate of 8% per annum. All borrowings will be made at the beginning of the quarter, and make all payments at the end of the quarter. There are no cash sales and the beginning balance of receivable is expected to be collected in the 1st quarter and is $133,000. Subsequent collections are 60% in the quarter when sales take place and 35% in the following quarter. The sales forecast for the coming quarters shows the following: 1st quarter $500,000 and 2nd quarter $450,000 Direct materials of $175,000 and $190,000 are purchased and paid for in the 1st and 2nd quarter. Direct labour of $220,000 and $200,000 is incurred and paid for in the 1st and 2nd quarter. Factory overhead of $51,000 will be incurred and paid each quarter. Equipment of $18,000 will be purchased and paid for in first quarter. Required: In good form, prepare a cash budget for the 1st and 2nd quarter

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